Caesars Entertainment has closed on its sale of the intellectual property rights for the World Series of Poker (WSOP) to GGPoker in the conclusion of an industry-shifting deal.
NSUS Group, the parent company and operator of GGPoker, purchased the WSOP brand in August for $500 million. The now-finalized deal calls for $250 million in cash upfront and a $250 million promissory note due five years after Tuesday's closing date.
Few immediate changes
Caesars will host the WSOP in Las Vegas for the next 20 years under the terms of the new pact and they will continue to operate WSOP Online in Nevada, New Jersey, Michigan, and Pennsylvania under a license from NSUS. The sale blocks Caesars from otherwise operating real money online poker for an unspecified period.
Brick-and-mortar rooms that are currently operated by Caesars at its properties will retain WSOP branding and Caesars casinos will continue to receive preferential treatment for WSOP Circuit stops for the near future.
Key employees remain
Familiar faces and long-time WSOP employees will transition to roles with NSUS, starting with Ty Stewart, who will join a new WSOP subsidiary as the Chief Executive Officer. Gregory Chochon will serve in the role of Chief Operating Officer and Erik Eidissen will join NSUS as Communications Manager. The three will oversee the expansion of the WSOP brand under its new GGPoker banner.
Next stop, Paradise
GGPoker's opening showcase for its new brand will be at WSOP Paradise in The Bahamas (December 6-19.) The series is loaded with big-ticket tournaments and players are likely to experience improvements to the already-lauded WSOP Plus app. GGPoker and WSOP collaborated at last year's Paradise to introduce the app, which streamlined registration and featured real-time seat draws.
The series will offer 15 bracelets and it will culminate in a $25,000 Super Main Event with a $50 million guarantee. Check out the full schedule here.
