05:54 PM EDT, 08/01/2024 (MT Newswires) -- Caesars Entertainment ( CZR ) said Thursday it agreed to sell its intellectual property rights for the World Series of Poker, or WSOP, to NSUS Group for $500 million.

Half of the payment will be in cash and the other half will be covered by a five-year promissory note secured by the WSOP's intellectual property assets being sold, the hotel and casino entertainment company said.

Under the deal, Caesars said it will continue hosting the WSOP's flagship live tournament series at its Las Vegas casinos for the next 20 years.

Caesars will also continue operating its recently upgraded WSOP online real-money poker business in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future.

The transaction, which requires regulatory approvals, is anticipated to close before the end of this year.

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