Caesars retains the right to host the flagship
WSOP summer series on the Las Vegas Strip for 20 years and its
licenses to use the WSOP brand for its brick-and-mortar and online
poker operations
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240801682172/en/
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
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