(Bloomberg) -- Caesars Entertainment Inc. has agreed to sell its World Series of Poker brand to online gambling operator NSUS Group Inc. for $500 million.
Half of the proceeds will be in cash and the rest in a promissory note due in five years, according to a statement from the company.
World Series of Poker is the industry’s longest running tournament, dating back to 1970. It’s gold bracelets are among the industry’s most coveted prizes. This year’s tournament had 229,553 entrants and $438 million in prize money, both records for the series.
Caesars retains the right to host the poker tournaments for 20 years at its Las Vegas casinos as well as the right used the brand of its online poker business in four states including Nevada. NSUS operates the GGPoker online gambling business.
©2024 Bloomberg L.P.
