Zona de Azar Brazil – World Series of Poker Now Belongs to GGPoker

Brazil.- November 1, 2024 www.zonadeazar.com  Caesars Entertainment completed the sale of its intellectual property rights for the World Series of Poker (WSOP) brand to NSUS Group. Caesars announced the $500 million deal in August, and the transaction has now been finalized.

Details on the World Series of Poker

The agreement includes $250 million in cash and a promissory note for $250 million due five years after closing. NSUS, the parent company of GGPoker, plans to utilize the WSOP brand in more live and online events worldwide.

“We will leverage GGPoker’s cutting-edge technology and industry expertise to create an exciting future for the World Series of Poker, ensuring that players enjoy an increasingly enhanced, secure, and seamless poker experience,” said Michael Kim, CEO of NSUS, at the time of the original announcement.

“Under new leadership, NSUS intends to expand the WSOP globally, positioning it at the forefront of poker growth.”

Those accustomed to playing in the live WSOP may not notice significant changes. As part of the agreement, Caesars retains NSUS’s right to host the main live tournament series at its Las Vegas casinos for the next 20 years.

The company also receives a license from NSUS to continue operating the WSOP-branded online poker business in Nevada, New Jersey, Michigan, and Pennsylvania in the near future.

However, Caesars will not be able to operate real-money online poker for a specific period, though some exceptions apply.

Strategic Executives Will Also Transition

Additionally, Caesars’ live poker rooms will continue to feature the WSOP brand. Thus, Caesars properties will also retain preferential rights to host live events on the WSOP Circuit.

The announcement also included news that several long-standing WSOP executives will transition to key leadership roles at NSUS. Senior Vice President and WSOP Executive Director Ty Stewart will become CEO of the newly formed subsidiary.

Gregory Chochon, who served as COO and Vice President of WSOP, will remain as Chief Operating Officer in the new entity. Former WSOP Content Manager and Media Coordinator Erik Eidissen will also join as Communications Manager.

“With more than 30 years of combined experience managing the WSOP brand, these employees will lead the next phase of growth under the new ownership,” noted NSUS and Caesars when announcing the deal’s completion.

Edited by: @_fonta www.zonadeazar.com