Global law firm Greenberg Traurig, LLP represented iGaming investment and consultancy firm NSUS Group in its acquisition of the World Series of Poker (WSOP) business from William Hill U.S. HoldCo, Inc., an affiliate of Caesars Entertainment. The parties executed a definitive agreement in respect of the transaction on Aug. 1. The transaction is valued at a total of $500 million, including $250 million in cash and a $250 million promissory note due five years after the transaction’s closing date. The transaction is subject to customary regulatory approvals and other closing conditions and is expected to close prior to the end of 2024.
Caesars will continue hosting the WSOP live tournament series at its Las Vegas venues for the next two decades, and Caesars’ physical poker rooms will maintain WSOP branding. Caesars locations will retain priority rights to host WSOP Circuit live events.
Additionally, NSUS has granted Caesars Digital a license to continue running its recently enhanced WSOP Online real-money poker platform in Nevada, New Jersey, Michigan, and Pennsylvania for an extended period. However, with some exceptions, Caesars Digital will be prohibited from operating other online peer-to-peer real-money poker services for a specified duration.
The Greenberg Traurig team was led by Shareholder Brian R. Singer and Gaming Practice Chair Edward R. Winkofsky and included Shareholders, Nicole S. Lonsway, David M. Greenberg, Richard C. Kim, and Brandon Roos, and Of Counsel Sandy Chiu.
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