Caesars Entertainment confirmed that it has closed the sale of its intellectual property rights for the World Series of Poker brand. The historic transaction will retain Caesars right to host WSOP events but will see the brand rights transferred to NSUS Group.
Caesars Will Retain Some Rights
As previously announced, the WSOP brand rights will be sold to NSUS for $250 million in cash and an additional $250 million promissory note due five years after the transaction’s completion.
As mentioned, Caesars Entertainment will still be allowed to host the flagship WSOP live tournament series at its casino properties in Las Vegas, at least for than next two decades. WSOP branding, meanwhile, will continue to adorn Caesars-operated poker rooms. Additionally, Caesars destinations will continue to enjoy preferential rights to host live WSOP Circuit events.
NSUS will furthermore issue a license that allows Caesars to also continue operating its WSOP Online business in the states of New Jersey, Michigan, Nevada and Pennsylvania. However, Caesars will be otherwise restricted from operating from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions.
As part of the agreement, a number of established WSOP executives will transition to leadership roles at NSUS. These will include Ty Stewart who will serve as chief executive officer of the newly formed WSOP subsidiary. In the meantime, Gregory Chochon was named as chief operating officer. Finally, Erik Eidissen will join as communications manager.
The aforementioned employees have a staggering 30+ years of combined experience managing the WSOP brand and are sure to usher in the next growth phase under the new ownership.
Caesars Agreed to Sell Its LINQ Promenade
In the meantime, Ceasars just entered into a definitive agreement to sell one of its Las Vegas assets, the LINQ Promenade – a shopping, dining and entertainment district at the heart of the Las Vegas Strip. The promenade will be sold to a joint venture between Investment Management Platform of Acadia Realty Trust and TPG Real Estate for some $275 million.
The completion of this agreement is still subject to certain regulatory approvals and closing conditions. Caesars believes that the sale will close during Q4 2024.
The extra proceeds from the sales will accelerate Caesars’ debt reduction. The sales aligns with the company’s overall divestiture of non-core assets.
