Caesars Entertainment has completed the $500m sale of the World Series of Poker (WSOP) brand. GGPoker’s parent company and prominent investment group NSUS Group Inc. announced in August it was buying the intellectual property (IP) rights for $250m in promissory notes and the other half in cash.
Caesars plans to use this money to renovate its New Orleans casino and develop its new permanent casino in Virginia.
will still run the iconic WSOP summer series of events for the next 20 years
The casino company will still run the iconic WSOP summer series of events for the next 20 years and continue operating its online poker platforms in Pennsylvania, Michigan, New Jersey, and Nevada. Any Caesars-run poker rooms can also continue showcasing WSOP branding, and its properties will remain in prime position for hosting events in the WSOP Circuit calendar.
Caesars announced the finalization of the WSOP deal on Tuesday when releasing its Q3 2024 financial results. Total revenue fell 2.6% year-on-year, and the company posted a $9m net loss. Caesars’ share price dropped 5% in pre-market trading on Wednesday morning.
In addition to the news about the WSOP deal, the company also revealed it is selling the Linq Promenade shopping mall in Las Vegas for $275m.