Caesars Entertainment has finalized the sale of the World Series of Poker (WSOP) brand to GGPoker’s parent company, NSUS Group Inc.
In addition to that done deal, Caesars has also announced that it is selling the LINQ Promenade for $275 million.
Key Highlights
- NSUS will pay $250 million upfront and $250 million in a five-year promissory note.
- Caesars will still host the WSOP in Las Vegas for 20 years.
- NSUS will give Caesars a license to keep operating WSOP Online in the US.
- Caesars has sold the LINQ Promenade in Las Vegas for $275 million.
WSOP Will Stay at Caesars’ Las Vegas Casinos
Caesars Entertainment surprised many in August when it announced that it had agreed to sell the WSOP brand to NSUS Group for $500 million.
After all, Caesars was just coming off the high of a record-breaking 2024 WSOP, including the largest Main Event of all time.
On Tuesday, the company announced that it has completed the sale to GGPoker’s parent company. $250 million of the price tag is cash, while the other $250 million is in the form of a five-year promissory note.
Caesars is not out of the World Series of Poker business entirely, though. As part of the deal, it still gets to host the traditional WSOP each summer at its Las Vegas casinos for the next 20 years.
NSUS will also give Caesars a license to continue to operate WSOP Online in Nevada, New Jersey, Pennsylvania, and Michigan “for the foreseeable future.”
Caesars is not allowed to launch any other online poker for a “specified period to time,” though, perhaps an indication that GGPoker anticipates entering the US online poker market.
NSUS has also granted Caesars the right to use WSOP branding at its land-based poker rooms, which will enjoy “preferential rights” to host WSOP Circuit stops.
WSOP Soared Under Caesars’ Ownership
Caesars had been the caretaker of the World Series of Poker for two decades and by the sound of it, it doesn’t seem like too much will change with the granddaddy series in Las Vegas.
But one never knows what sort of stamp GGPoker will put on the festivities.
Caesars acquired the WSOP brand when it (then called Harrah’s Entertainment) bought downtown Las Vegas’ Binion’s Horseshoe in 2004. It also gained the Horseshoe brand in the transaction.
the WSOP relocated to Paris Las Vegas and Horseshoe Las Vegas, the first time the Series had ever been on the Las Vegas Strip
The company quickly sold Binion’s Horseshoe to MTR Gaming Group, marking the start of the leveling-up of the WSOP.
Caesars moved the World Series of Poker to the Rio in 2005 so it would have room to grow in the midst of the poker boom. That first year, the final two days of the Main Event were still held at Binion’s.
In 2019, Caesars sold the Rio, a sign that the WSOP may be on the move. And it was. In 2022, the WSOP relocated to Paris Las Vegas and Horseshoe Las Vegas, the first time the Series had ever been on the Las Vegas Strip.
LINQ Promenade to Change Hands
Caesars Entertainment made another move on Tuesday, agreeing to sell the LINQ Promenade to a joint venture between TPG Real Estate and the Investment Management Platform of Acadia Realty Trust for $275 million.
The LINQ Promenade is a popular open-air shopping, entertainment, and dining district. It is located on the east side of the Strip between the LINQ casino-hotel and Flamingo casino-hotel, both of which are operated by Caesars.
Though it is a favorite destination for tourists, Caesars sold because it was a “non-core asset…that will accelerate our debt reduction goals.”
The TPG-Acadia joint venture has yet to be created. It is not known if the new owners will make any major changes to the LINQ Promenade, but if one had to guess, things will probably remain largely the same.
Sources
https://investor.caesars.com/news-releases/news-release-details/caesars-entertainment-closes-sale-world-series-pokerr-brand-nsus
https://investor.caesars.com/news-releases/news-release-details/caesars-entertainment-inc-enters-definitive-agreement-sell-linq
https://www.pokergo.com/
