Caesars Leisure has closed the sale of the corporate’s mental property rights for the World Sequence 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 notice due 5 years after the transaction’s closing. NSUS is the guardian firm of GGPoker and plans on using the WSOP model in additional stay and on-line occasions around the globe.
“We’ll leverage GGPoker’s cutting-edge know-how and trade experience to create an thrilling future for WSOP, making certain gamers have an more and more improved, protected, and seamless poker expertise,” NSUS CEO Michael Kim mentioned on the time of the unique announcement. “Underneath the brand new management, NSUS intends to increase WSOP worldwide, positioning it on the forefront of poker’s progress.”
Particulars On The Closing
These accustomed to enjoying within the stay WSOP every summer season might not discover enormous variations. As a part of the settlement, Caesars retains the precise from NSUS to host the flagship stay event sequence at its Las Vegas casinos for the subsequent 20 years.
The corporate 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. Nevertheless, Caesars shall be restricted from working real-money on-line poker operations for a specified time frame topic to sure exceptions.
Moreover, stay Caesars poker rooms will proceed to function WSOP branding. Caesars properties can even proceed to get pleasure from preferential rights to host stay 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 Govt 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 Working Officer function with the brand new entity. Former WSOP content material supervisor and media coordinator Erik Eidissen additionally joins as communications supervisor.
“With greater than 30 years of mixed expertise managing the WSOP model, these workers will lead the subsequent section of progress and integration beneath new possession,” NSUS and Caesars famous in asserting the deal’s finalization.
*_Photo by WSOP_
