Caesars Entertainment has announced that it has entered into an agreement to sell the LINQ Promenade to a joint venture to be formed between TPG Real Estate (TPG) and the Investment Management Platform of Acadia Realty Trust (Acadia) for $275 million. The sale is subject to customary approvals and other closing conditions and is expected to close during the fourth quarter 2024.

“The sale of the LINQ Promenade represents an accretive, non-core asset sale that will accelerate our debt reduction goals. I want to thank all the team members and the tenants of the LINQ Promenade for their partnership over the last 10 years and wish them continued success,” said Tom Reeg, CEO of Caesars Entertainment.

Latham & Watkins LLP and Brownstein Hyatt Farber and Schreck, LLP represented Caesars on the transaction. Kirkland & Ellis LLP provided transaction counsel to TPG & Acadia.

Caesars Entertainment, Inc. (NASDAQ: CZR) (“Caesars”) today announced the closing of the previously announced sale of its intellectual property rights for the World Series of Poker® (“WSOP”) brand to NSUS Group Inc. (“NSUS”). As previously disclosed, the transaction includes US$250 million in cash and a $250 million promissory note due five years after the transaction’s closing secured by the WSOP intellectual property assets being sold.

Caesars retains the right from NSUS to host the flagship WSOP live tournament series at its Las Vegas casinos for the next 20 years and will 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. 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 events going forward.

Concurrent to the transaction, several long-time WSOP executives will transition to key leadership roles within the NSUS team. Ty Stewart will serve as Chief Executive Officer of the newly formed WSOP subsidiary, while Gregory Chochon has accepted the position of Chief Operating Officer. Erik Eidissen also joins as 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.

NetGaming, a rapidly growing online casino content provider, today announced an iGaming partnership with Caesars Entertainment that will bring NetGaming’s portfolio of unique game content to Caesars’ online casino platforms, enhancing the entertainment experience for its players. Through this partnership, Caesars will integrate a wide range of NetGaming’s high-performing titles onto its iGaming platforms, including popular games such as Wicked Wins – Fortune Pick, Zeus’s Thunderbolt 5000, and American Wonder Reels.

The partnership underscores both companies’ commitment to delivering premium, engaging content to players in North America.

“We are thrilled to partner with Caesars, one of the most respected and prestigious brands in the gaming industry,” said Pallavi Deshmukh, CEO of NetGaming. “This agreement represents a significant milestone for NetGaming, as it allows us to reach a broader audience and showcase our great games that stand out for their innovation, quality, and player engagement.”

“NetGaming offers an impressive variety of titles that we believe will resonate well with our players,” said Matt Sunderland, Senior Vice President, and Chief iGaming Officer at Caesars Digital. “We’re committed to putting our players first and integrations like these add to our ambitions of offering them an elevated online casino experience they can’t find anywhere else.”

Caesars’ integration of NetGaming’s distinctive gaming titles, will provide its players with an even more diverse and immersive gaming experience across its iGaming platforms. The collaboration between NetGaming and Caesars is expected to go live in H2 2025, with additional game releases planned for the future.

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