Caesars Entertainment has reached an agreement to transfer the rights to the World Series of Poker (WSOP) to NSUS Group Inc., the parent company of GGPoker, for a total of $500 million. This substantial deal involves an immediate payment of $250 million, with the remaining $250 million to be settled five years after the transaction’s completion.
Despite the significance of this transaction, New Jersey poker players can rest easy, as the announcement suggests that WSOP NJ will remain largely unchanged.
Continued WSOP Presence at Caesars Properties
The press release clarified that, although WSOP rights are changing hands, Caesars will retain the right to host live tournaments at its Las Vegas venues for the next 20 years. Additionally, Caesars properties nationwide, including Caesars Atlantic City, will continue to showcase WSOP branding in their poker rooms.
Michael Kim, CEO of NSUS Group Inc., expressed enthusiasm about the acquisition, stating, “After collaborating with Caesars Entertainment for years, we are thrilled to announce our new role in leading the World Series of Poker, the world’s most renowned poker brand. We plan to leverage GGPoker’s innovative technology and industry expertise to create an exciting future for WSOP, ensuring players enjoy an increasingly improved, safe, and seamless poker experience. Our goal is to expand WSOP’s presence globally and position it at the forefront of poker’s growth.”
Caesars Secures License for WSOP NJ Operations
Furthermore, Caesars is working to secure a license from NSUS to continue operating WSOP’s real-money online poker platform, which includes WSOP NJ. However, it will face temporary restrictions on offering peer-to-peer operations.
Eric Hession, President of Caesars Digital, remarked, “We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand. This transaction is an exciting step for Caesars as a company and for the WSOP brand as it continues to evolve. We eagerly anticipate what NSUS has planned for expanding the WSOP’s legacy in poker and look forward to providing an unmatched and familiar experience for poker players moving forward.”
While any transaction involving half a billion dollars is notable, the implications for New Jersey poker players seem minimal. The Garden State continues to thrive in the poker industry, and this sale does not alter that trajectory.
Source: https://www.playnj.com/news/while-caesars-selling-wsop-not-much-changes-nj-poker/82102/