WSOP Finalizes $500 Million Sale to GGPoker Parent Company
Caesars Entertainment has finalized the $500 million sale of the biggest brand in poker to GGPoker's parent company, according to an on Tuesday.
In August, Caesars Entertainment shocked the poker world when it announced that it would be selling World Series of Poker (WSOP) to NSUS Group Inc, a leading investment group and operator GGPoker. The deal was solidified Tuesday and includes a $250 million cash transaction and a $250 million promissory note due in five years.
Though the WSOP sale marks a shakeup in the industry, poker players can still expect the summer WSOP to be held in Las Vegas for the next 20 years. Additionally, poker rooms at Caesars properties will continue to feature WSOP branding.
WSOP Executives in New Roles
The announcement noted that several WSOP executives "will transition into key leadership roles" at NSUS. A newly formed WSOP subsidiary will see WSOP executive director Ty Stewart serve as executive officer and Vice President Gregory Chochton serve as chief operating officer. Meanwhile, WSOP Content Manager Erik Eidissen will join as a communications manager.
"With more than 30 years of combined experience managing the WSOP brand, these employees will lead the next phase of growth and integration under new ownership," the press release states.
Poker players can expect sigificant expansion of the WSOP brand now that GGPoker is at the helm.
"Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth," NSUS CEO Michael Kim said when the sale was first announced in August.
