TORONTO & LAS VEGAS--(BUSINESS WIRE)--Caesars Entertainment, Inc. (NASDAQ: CZR) ("Caesars") today announced the signing of a definitive agreement to sell its intellectual property rights for the World Series of Poker® ("WSOP") brand to NSUS Group Inc. ("NSUS"), a leading investment group in the iGaming space known for successfully launching several groundbreaking ventures, including the innovative online poker room, GGPoker. The transaction, valued at a total of US$500 million, includes US$250 million in cash and a $250 million promissory note due five years after the transaction's closing date (the "Closing") secured by the WSOP intellectual property assets being sold.
As a part of this transaction, Caesars has secured the right from NSUS to continue hosting the WSOP's flagship live tournament series at its Las Vegas casinos for the next 20 years. In addition, brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding, and Caesars destinations will continue to enjoy preferential rights to host live WSOP Circuit (WSOP-C) events going forward.
Caesars Digital will also receive a license from NSUS to continue operating its recently upgraded WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future but will otherwise be restricted from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions.
"We've enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand," said Eric Hession, President of Caesars Digital. "This transaction is an exciting step for Caesars as a company and the WSOP brand as it continues to evolve. We can't wait to see what NSUS has in store for growing the WSOP's legacy in poker, and we look forward to continuing to deliver an unmatched and familiar experience to poker players going forward."
"After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the World Series of Poker, the world's most renowned poker brand," said Michael Kim, Chief Executive Officer of NSUS Group Inc. "We will leverage GGPoker's cutting-edge technology and industry expertise to create an exciting future for WSOP, ensuring players have an increasingly improved, safe, and seamless poker experience. Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker's growth."
This sale is subject to customary regulatory approvals and other closing conditions and is expected to close prior to the end of 2024. Kirkland & Ellis LLP provided transactional counsel and Latham & Watkins LLP acted as finance counsel to Caesars, while NSUS was represented by Greenberg Traurig, LLP.
About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest casino-entertainment Company in the U.S. and one of the world's most diversified casino-entertainment providers. Since its beginning in Reno, NV, in 1937, Caesars Entertainment, Inc. has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment, Inc.'s resorts operate primarily under the Caesars®, Harrah's®, Horseshoe®, and Eldorado® brand names. Caesars Entertainment, Inc. offers diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences. All tied to its industry-leading Caesars Rewards loyalty program, the Company focuses on building value with its guests through a unique combination of impeccable service, operational excellence and technology leadership. Caesars is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. Know When To Stop Before You Start.® Gambling Problem? Call or text 1-800-GAMBLER. For more information, please visit www.caesars.com/corporate.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "anticipates," "assumes," "believes," "estimates," "expects," "guidance," "intends," "plans," "projects," and similar expressions that do not relate to historical matters. Forward-looking statements include all statements other than statements of historical fact, including statements regarding market performance and expected timing of consummation of operations. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond Caesars' control and could materially affect actual results, performance, or achievements. Although Caesars believes that in making such forward-looking statements its expectations are based upon reasonable assumptions, such forward-looking statements may be influenced by factors that could cause actual outcomes and results to be materially different from those projected. Caesars cannot assure you that the assumptions upon which these statements are based will prove to have been correct. Caesars does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.
About World Series of Poker:
Part of Caesars Entertainment's Caesars Digital operations, the World Series of Poker® is the largest, richest and most prestigious gaming event in the world, having awarded more than $4 billion in prize money and awarding prestigious gold bracelets, globally recognized as the sport's most coveted prize. Featuring a comprehensive slate of tournaments in every major poker variation, the WSOP is poker's longest-running tournament dating back to 1970. In 2024, the event attracted 229,553 entrants to Paris Las Vegas and Horseshoe Las Vegas and awarded more than $438 million in prize money - both all-time records for the series. In addition, the WSOP has formed groundbreaking alliances in broadcasting, digital media and corporate sponsorships, while successfully expanding the brand internationally. Today, in addition to the flagship World Series of Poker in Las Vegas, the WSOP portfolio of events includes approximately 40 WSOP Circuit Events annually across five continents, WSOP Europe (since 2007) and WSOP Paradise (since 2023.) All WSOP events are subject to the then-current and applicable WSOP tournament rules. For more information, please visit www.wsop.com.
About NSUS Group: NSUS, pronounced "Answers," is at the forefront of business consultancy to leading firms within the iGaming space. Specializing in investments, consulting and marketing, NSUS has been an integral part of the launch of several highly successful ventures, such as GGPoker, the World's Biggest Poker Room, and ClubGG. These brands are the market leaders in the iGaming industry, providing fun and entertainment to millions of players around the world.
https://www.nsusgroup.com/
About GGPoker: GGPoker is the World's Biggest Poker Room, with a global player base. It offers a range of innovative games and features such as the patented Rush & Cash poker, All-In or Fold, Flip & Go, Spin & Gold, Mystery Battle Royale, GGCare & GGCheers, integrated staking platform, SnapCam video messaging, PokerCraft, and Smart HUD, all designed to enhance gaming experiences and make poker more fun than ever.
In 2020, GGPoker hosted the world record-breaking WSOP Online main event. In 2022, GGPoker became the world's largest online poker room and was awarded the Online Poker Operator of the Year Award at the SiGMA Americas Gaming Awards. In PokerListings' 2022 Operator Awards, GGPoker won the Best Poker Operator, Best Poker Innovation and Best Online Series awards. GGPoker sent over 1,000 players to WSOP Paradise at the Atlantis Paradise Island in the Bahamas in 2023, while more than 1,100 GGPoker players took their seats in the WSOP 2024 Main Event, which smashed attendance records for the second year running.
Find out more about GGPoker at GGPoker.com and on Facebook, X and Reddit.
Contacts
Investor Relations:
Brian Agnew, bagnew@caesars.com
Charise Crumbley, ccrumbley@caesars.com
800-318-0047
Media Relations:
Kate Whiteley, kwhiteley@caesars.com
Brad Harwood, bharwood@caesars.com
GGPoker, press@ggpoker.com
