Caesars Abandons WSOP Brand Sale, Relinquishes Rights to NSUS
Caesars Entertainment has made a significant move in the gaming industry, announcing the sale of two of its key assets. The company has entered into a definitive agreement to sell its Las Vegas asset, the LINQ Promenade, and the World Series of Poker (WSOP) brand.
The sale of the LINQ Promenade, a shopping, dining, and entertainment district on the Las Vegas Strip, is subject to certain regulatory approvals and closing conditions. The asset has been sold to a joint venture between Investment Management Platform of Acadia Realty Trust and TPG Real Estate for $275 million.
In a separate deal, Caesars has sold the WSOP brand to NSUS Group, the parent company of GGPoker, for a total of $500 million. The sale includes $250 million paid upfront and a $250 million promissory note due five years after closing, expected by the end of 2024. Despite the sale, Caesars has secured rights to continue hosting the live WSOP tournament series at its Las Vegas properties for the next 20 years.
The WSOP Circuit events will remain operated under Caesars' ownership at Caesars properties, maintaining the brand presence in live poker venues with anticipated cross-promotion alongside GGPoker’s brand.
Regarding the online operations, WSOP Online is currently separate from GGPoker but operates on GGPoker’s platform in international markets like Ontario and Pennsylvania. NSUS Group is steering the WSOP Online brand in new directions on these platforms, with innovations such as new formats and promotions; the exact evolution of WSOP Online elsewhere remains uncertain. Caesars no longer owns WSOP.com but retains other online casino brands unrelated to WSOP.
The implications of these sales are far-reaching. Caesars benefits financially upfront and long term from the sale but remains the host for the premier WSOP live events in Las Vegas for two decades, maintaining a crucial role in live poker. NSUS Group gains control over the WSOP brand, especially online, allowing them to integrate it with GGPoker’s ecosystem and push innovation in online poker under the WSOP banner.
WSOP fans can expect continuity in the iconic Las Vegas series, but also potential growth and changes in online poker offerings through NSUS Group’s global platforms. Ty Stewart will serve as the chief executive officer of the newly formed WSOP subsidiary.
The sale aligns with Caesars' overall divestiture of non-core assets. Caesars will be restricted from operating online peer-to-peer real-money poker operations for a specified period of time, subject to certain exceptions. The extra proceeds from the sale will accelerate Caesars' debt reduction.
Ty Stewart, Gregory Chochon, and Erik Eidissen are among the established WSOP executives who will transition to leadership roles at NSUS. Erik Eidissen will join as the communications manager, and Gregory Chochon was named as the chief operating officer. Caesars destinations will continue to have preferential rights to host live WSOP Circuit events. Caesars expects the sale to close during Q4 2024.
WSOP branding will continue to be present on Caesars-operated poker rooms. NSUS will issue a license that allows Caesars to continue operating its WSOP Online business in New Jersey, Michigan, Nevada, and Pennsylvania. The sale of the WSOP brand rights marks a significant step for both Caesars and NSUS Group, as they navigate the ever-evolving landscape of the gaming industry.
- Caesars Entertainment has sold the World Series of Poker (WSOP) brand, including the WSOP Online business in certain regions, to NSUS Group, the parent company of GGPoker, for a total of $500 million.
- The WSOP brand will continue to be present on Caesars-operated poker rooms, and Caesars will retain preferential rights to host live WSOP Circuit events, but NSUS Group will operate WSOP Online in New Jersey, Michigan, Nevada, and Pennsylvania.
- In a move aligned with Caesars' divestiture of non-core assets, the company has sold the WSOP brand rights, securing extra proceeds to accelerate debt reduction, while maintaining a crucial role in live poker through hosting the premier WSOP live events in Las Vegas for the next 20 years.
