Caesars Entertainment, Inc. has recently announced the sale of the World Series of Poker (WSOP) brand to NSUS Group Inc., the parent company of GGPoker. The deal, valued at $500 million, includes $250 million in cash and $250 million in a five-year promissory note. Despite the change in ownership, not much is expected to change in terms of the WSOP’s operation. As part of the agreement, Caesars will continue to host the WSOP at its Las Vegas casinos for the next 20 years. This means that Caesars-branded poker rooms will remain unchanged, and Caesars casinos will retain the right to host WSOP Circuit events.
Additionally, the sale also impacts Caesars’ online poker business, WSOP Online. Any potential expansion of WSOP Online will be put on hold as NSUS has granted Caesars a license to continue operating WSOP Online in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future. However, Caesars will not be allowed to launch additional online poker rooms for a specified period of time. This raises questions about the future use of the WSOP brand by Caesars in the online poker space.
The history of the WSOP’s ownership has seen several changes over the years. The last time the WSOP was sold was in 2004 when Harrah’s Entertainment (now Caesars) acquired Binion’s Horseshoe, retaining the rights to both the Horseshoe and WSOP brands. This marked a new chapter for the WSOP as it transitioned to the Rio Hotel and Casino in 2005 under Harrah’s ownership. The WSOP has since been hosted at various Caesars properties, including the Rio, Paris Las Vegas, and Horseshoe Las Vegas.
NSUS Group’s CEO, Michael Kim, expressed intentions to expand the WSOP brand globally in a press release. Events such as WSOP Europe at King’s Resort in the Czech Republic and WSOP Paradise in the Bahamas are examples of the brand’s international reach. While the WSOP has a strong presence in the United States through WSOP Online, GGPoker operates exclusively outside the US, avoiding direct competition.
In conclusion, the sale of the WSOP to NSUS Group signifies a new chapter for the iconic poker brand. With Caesars continuing to host the WSOP in Las Vegas for the next two decades, the future of the WSOP brand under new ownership remains promising. Expanding the WSOP globally and maintaining its presence in the online poker space are key objectives for NSUS Group as they take the reins of this renowned poker tournament.