{"id":326840,"date":"2024-08-01T16:06:25","date_gmt":"2024-08-01T21:06:25","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=326840"},"modified":"2024-08-01T18:28:27","modified_gmt":"2024-08-01T23:28:27","slug":"caesars-selling-world-series-of-poker-for-500-million","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/caesars-selling-world-series-of-poker-for-500-million\/","title":{"rendered":"Caesars Selling World Series of Poker for $500 Million"},"content":{"rendered":"

Caesars Entertainment (NASDAQ: CZR) announced today that it\u2019s selling the intellectual \u00a0property rights associated with the World Series of Poker (WSOP) to investment firm NSUS Group Inc. for $500 million.<\/p>\n

\"WSOP.com\"
A WSOP logo. Caesars is selling the poker series to NSUS for $500 million. (Image: WSOP.com)<\/figcaption><\/figure>\n

The deal price consists of $250 million in cash and a $250 promissory note backed by WSOP\u2019s intellectual property assets being sold. The note comes due five years from the closing date of the transaction, which is expected to occur before the end of this year<\/strong>.<\/p>\n

It\u2019s not immediately clear, but it is likely Caesars made a profit WSOP in some fashion. Then known as Harrah\u2019s Entertainment, the company acquired WSOP and Binion\u2019s Horseshoe Hotel and Casino in downtown Las Vegas for a mere $44.3 million in 2004. The operating rights to that casino were later sold back, but Caesars is still reaping a windfall from the sale of WSOP.<\/p>\n

The acquisition of the Horseshoe and WSOP is ancient in terms of Caesars\u2019 corporate history. It occurred prior to Harrah\u2019s 2005 purchase of Caesars Entertainment for $10.4 billion. In 2008, private equity firms Apollo Management and TPG Capital L.P. took Harrah\u2019s private in a deal valued at $27.8 billion. Caesars filed for bankruptcy protection in 2015 and it was sold to Eldorado Resorts<\/a> for $17.3 billion in 2020. Bottom line: Caesars\u2019 current management team, led by CEO Tom Reeg, had nothing to do with the acquisition of WSOP.<\/p>\n

WSOP Move Jibes with Caesars Asset Sale Plans<\/h2>\n

Earlier this year, Reeg said Caesars is open to selling \u201cnon-core casinos<\/a>\u201d and while WSOP isn\u2019t a land-based gaming venue, the sale fits with the operator\u2019s established divestment precedent. For example, Caesars sold the international assets of William Hill after acquiring that bookmaker several years ago.<\/p>\n

\n

In a statement announcing the WSOP transaction, Caesars didn\u2019t discuss plans for the proceeds, but it\u2019s possible some of the capital will go toward trimming a debt burden that stood at $12.4 billion at the end of the second quarter. That is one of the industry\u2019s largest tallies, but it\u2019s steadily declined under the Reeg-led executive team.<\/p>\n<\/div>\n

Caesars Digital notched second-quarter earnings before interest, taxes, depreciation, and amortization (EBITDA) of $40 million, nearly quadruple the $11 million posted a year earlier, but the operator didn\u2019t breakout how much of that figure was attributable to WSOP.<\/p>\n

\u201cCaesars Digital will also receive a license from NSUS to continue operating its recently upgraded WSOP Online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future but will otherwise be restricted from operating online peer-to-peer real-money poker operations for a specified period of time and subject to certain exceptions,\u201d according to the press release.<\/strong><\/p>\n

Caesars Also Retaining WSOP Tournament Rights<\/h2>\n

Under the terms of the agreement with NSUS, Caesars kept rights to host some WSOP tournaments at its casinos, including the Main Event — the biggest tournament in poker.<\/p>\n

Caesars has secured the right from NSUS to continue hosting the WSOP\u2019s flagship live tournament series at its Las Vegas casinos for the next 20 years. In addition, brick-and-mortar poker rooms currently operated by Caesars will continue to feature WSOP branding, and Caesars destinations will continue to enjoy preferential rights to host live WSOP Circuit (WSOP-C) events going forward,\u201d according to the statement.<\/p><\/blockquote>\n

Won by Jonathan Tamayo last month<\/a>, the WSOP Main Event was held at the Horseshoe and Paris on the Las Vegas Strip.<\/p>\n","protected":false},"excerpt":{"rendered":"

Caesars Entertainment (NASDAQ: CZR) announced today that it\u2019s selling the intellectual \u00a0property rights associated with the World Series of Poker (WSOP) to investment firm NSUS Group Inc. for $500 million. The deal price consists of $250 million in cash and a $250 promissory note backed by WSOP\u2019s intellectual property assets being sold. The note comes […]<\/p>\n","protected":false},"author":46,"featured_media":86263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,81886,83771,14],"tags":[81903,23,81907,83390],"acf":[],"yoast_head":"\nCaesars Selling World Series of Poker for $500 Million<\/title>\n<meta name=\"description\" content=\"Caesars Selling World Series of Poker for $500 Million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/caesars-selling-world-series-of-poker-for-500-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Caesars Selling World Series of Poker for $500 Million\" \/>\n<meta property=\"og:description\" content=\"Caesars Selling World Series of Poker for $500 Million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/caesars-selling-world-series-of-poker-for-500-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-01T21:06:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-01T23:28:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/wsop.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"481\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-selling-world-series-of-poker-for-500-million\/\",\"url\":\"https:\/\/www.casino.org\/news\/caesars-selling-world-series-of-poker-for-500-million\/\",\"name\":\"Caesars Selling World Series of Poker for $500 Million\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-selling-world-series-of-poker-for-500-million\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-selling-world-series-of-poker-for-500-million\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/wsop.png\",\"datePublished\":\"2024-08-01T21:06:25+00:00\",\"dateModified\":\"2024-08-01T23:28:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Caesars Selling World Series of Poker for $500 Million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/caesars-selling-world-series-of-poker-for-500-million\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/caesars-selling-world-series-of-poker-for-500-million\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/caesars-selling-world-series-of-poker-for-500-million\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/wsop.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/wsop.png\",\"width\":1000,\"height\":481,\"caption\":\"A WSOP logo. 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