Caesars Entertainment has closed the sale of the corporate’s mental property rights for the World Series of Poker model to the NSUS Group on Monday. Caesars introduced the $500 million deal in August and the transaction is now full.
The deal contains Caesars receiving $250 million in money and a $250 million promissory observe due 5 years after the transaction’s closing. NSUS is the mum or dad firm of GGPoker and plans on using the WSOP model in additional dwell and on-line occasions world wide.
“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,” NSUS CEO Michael Kim mentioned on the time of the unique announcement. “Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth.”
Details On The Closing
Those accustomed to enjoying within the dwell WSOP every summer time could not discover big variations. As a part of the settlement, Caesars retains the suitable from NSUS to host the flagship dwell event sequence at its Las Vegas casinos for the subsequent 20 years.
The firm additionally receives a license from NSUS to proceed working the WSOP-branded on-line poker enterprise in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future. However, Caesars might be restricted from working real-money on-line poker operations for a specified time frame topic to sure exceptions.
Additionally, dwell Caesars poker rooms will proceed to function WSOP branding. Caesars properties will even proceed to get pleasure from preferential rights to host dwell WSOP Circuit occasions.
Monday’s announcement additionally included the information that a number of long-time WSOP executives will transition to key management roles with NSUS. WSOP Senior Vice President and Executive Director Ty Stewart will now function CEO of the newly-formed subsidiary.
Gregory Chochon, who has beforehand served as COO of the WSOP in addition to Vice President, will retain the Chief Operating Officer function with the brand new entity. Former WSOP content material supervisor and media coordinator Erik Eidissen additionally joins as communications supervisor.
“With more than 30 years of combined experience managing the WSOP brand, these employees will lead the next phase of growth and integration under new ownership,” NSUS and Caesars famous in asserting the deal’s finalization.
*_Photo by WSOP_
