Caesars Entertainment has successfully completed the sale of the World Series of Poker (WSOP) brand for a whopping $500 million. The buyer, GGPoker’s parent company and investment group NSUS Group Inc., made the announcement back in August, revealing that $250 million was paid in promissory notes and the remaining half in cash.
With the influx of funds from this sale, Caesars has big plans for the future. They intend to use the money to revamp their New Orleans casino and work on the development of a new permanent casino in Virginia. Despite parting ways with the WSOP brand, Caesars assures fans that they will continue to run the iconic WSOP summer series of events for the next two decades. They also plan to maintain their online poker platforms in Pennsylvania, Michigan, New Jersey, and Nevada.
Furthermore, any poker rooms operated by Caesars will still feature WSOP branding, and their properties will remain top contenders for hosting events in the WSOP Circuit calendar. The company made the official announcement of the finalized WSOP deal alongside the release of their Q3 2024 financial results. Despite a 2.6% decline in total revenue and a $9 million net loss, Caesars remains optimistic about the future.
However, the news of the WSOP deal wasn’t the only announcement from Caesars. They also disclosed plans to sell the Linq Promenade shopping mall in Las Vegas for a substantial $275 million. This move is part of the company’s strategy to focus on their core operations and maximize value for their stakeholders.
Overall, the sale of the WSOP brand marks a significant milestone for Caesars Entertainment. By strategically reinvesting the proceeds into their casino properties and other ventures, they are positioning themselves for continued success in the competitive gaming industry. Despite facing some financial challenges, Caesars remains committed to delivering world-class entertainment experiences for their customers and fans of the WSOP.