Caesars Entertainment Inc. announced the signing of a definitive agreement to sell its intellectual property rights for the World Series of Poker (WSOP) brand to NSUS Group Inc. (NSUS), a leading investment group in the iGaming space known for successfully launching several groundbreaking ventures, including the innovative online poker room, GGPoker. The transaction, valued at a total of $500 million, includes $250 million in cash and a $250 million promissory note due five years after the transaction’s closing date (the Closing) secured by the WSOP intellectual property assets being sold.

As a part of this transaction, Caesars has secured the right from NSUS to continue hosting the WSOP’s 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.

Caesars 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.

“We’ve enjoyed a longstanding and successful partnership with GGPoker that has helped spur the growth of the WSOP brand. This transaction is an exciting step for Caesars as a company and the WSOP brand as it continues to evolve. We can’t wait to see what NSUS has in store for growing the WSOP’s legacy in poker, and we look forward to continuing to deliver an unmatched and familiar experience to poker players going forward,” Eric Hession, President of Caesars Digital, said.

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“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the World Series of Poker, the world’s most renowned poker brand. We will leverage GGPoker’s cutting-edge technology and industry expertise to create an exciting future for WSOP, ensuring players have an increasingly improved, safe, and seamless poker experience. Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth,” Michael Kim, Chief Executive Officer of NSUS Group, said.

This sale is subject to customary regulatory approvals and other closing conditions and is expected to close prior to the end of 2024. Kirkland & Ellis LLP provided transactional counsel and Latham & Watkins LLP acted as finance counsel to Caesars, while NSUS was represented by Greenberg Traurig LLP.

Caesars Entertainment Inc. announced the appointment of Rodney Williams to its Board of Directors, effective July 1, 2024, subject to required regulatory approvals and pending licensure. With a unique perspective derived from a track record of luxury brand-building, strategic and digital marketing, and corporate leadership, Williams will bring a distinct and innovative vision to the Caesars Entertainment Board of Directors.

“Rodney is an important addition to the Caesars Entertainment leadership team. Rodney’s career leading some of the world’s best-known beverage brands gives him unmatched perspective in the hospitality industry. His exceptional track record in luxury and premium brand building during his time with Diageo and LVMH and his continued commitment to the food and beverage industry through his service as a trustee and executive committee member of the James Beard Foundation will give us added insights into the continuing confluence of entertainment with the culinary arts as we shepherd Caesars Entertainment into the future,” Gary Carano, Executive Chairman of the Board of Caesars Entertainment, said.

Williams recently stepped down as President of the Diageo Beer Company and President of Diageo Canada, leaving a legacy of success. In that role, he oversaw new momentum for Guinness beer, with the brand becoming the fastest-growing on-premise brand in the US in 2023 and strong growth for Guinness 0, which made great strides in the US and became the top-selling non-alcoholic beer in Canada. His leadership also delivered unprecedented growth on Don Julio Tequila and Johnnie Walker Scotch in Canada, as well as a powerful national partnership with Bailey’s liqueur and the iconic Tim Horton’s chain.

Prior to joining Diageo in 2022, Williams spent 11 years at Moet Hennessy, the wine and spirits division of LVMH Moet Hennessy Louis Vuitton. His last role there was as Maison (or global) President of Belvedere Vodka – the first American to become a Maison president at Moet Hennessy. Previously, Williams served as Chief Marketing Officer for the entire US brand portfolio, ranging from Don Perignon and Krug Champagnes to Glenmorangie Scotch, and before that as SVP for Hennessy US. Under his leadership, the Hennessy business quadrupled in topline sales and operating profit over a five-year period.

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Before joining LVMH, Williams served as SVP of Lifestyle Brands for Jackson Family Wines, where his team delivered the largest new product launch in the company’s history, Kendall Jackson Avant wines. Previously, Williams had been SVP for Lifestyle Wines at Robert Mondavi before and after its acquisition by Constellation Brands. Before joining the wine industry, Williams began his career in brand management at Procter & Gamble, Johnson & Johnson and General Motors.

“I’m pleased to have Rodney Williams join our Board of Directors. Rodney brings a different perspective to hospitality, having experienced it from the upper echelon of luxury beverage brands. His experience in innovation, digital and experiential marketing, and implementing optimization makes him a good strategic fit for our Board of Directors. I look forward to working with him to continue to drive results for our guests, Team Members, and shareholders,” Tom Reeg, CEO of Caesars Entertainment, said.

In addition to being a trustee of the James Beard Foundation, Williams serves on the Executive Leadership Council, is a director of the National Board of Review of Motion Pictures, and was a 2024 juror for the Cannes Lions marketing awards. He was recently named to the 2024 “Most Influential Black Corporate Leaders” list by Savoy magazine. He also advises three startups: Zitti, Qonsent, and CKBG.

Caesars Entertainment Inc. announced the closing of the previously announced acquisition of the operations of WynnBET’s Michigan iGaming business and the long-term extension of iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians. Caesars will assume operations on the existing platform under the WynnBET brand with no anticipated interruption to the customer experience.

Caesars Entertainment will announce a new online casino brand and the transition of the WynnBET iCasino operations to Caesars’ Michigan iGaming Platform in the second half of 2024, pending regulatory approvals.

“Caesars Entertainment would like to thank the Sault Ste. Marie Tribe of Chippewa Indians and the Michigan Gaming Control Board for their collaboration through this process,” Eric Hession, President of Caesars Digital, said.