The World Series of Poker is by far the most prestigious brand in the poker world. Players travel from across the globe to play the tournament series each Summer, social media addicts play the Facebook and App versions across the world, and players in Nevada play on WSOP.com throughout the year for real money. New reports suggest that there could be a massive change coming, in that several bids have been received to purchase Caesars Interactive Entertainment from the larger Caesars Entertainment Corp, the current owners of the WSOP brand.
In the past, there were a lot of rumors about selling the overall WSOP brand. PokerStars went so far as to say that they were offered a purchase of the WSOP and even the Rio as a whole. According to a spokesperson for PokerStars, they were told that it would be mutually beneficial, as it would help improve the gaming company’s relationship with Caesars and further their chances of moving back in to the US by opening up opportunities for a Nevada based site.
This new information comes to us from BloombergTechnologies, who spoke to an insider in the industry that did not want to be identified by name. This source says that Caesars Entertainment received unsolicited bids that valued the company at an incredible $4billion. The company has had struggles in the past, but last year they booked almost $800million in revenue.
There could be damages owed to creditors, but that doesn’t seem to be holding the deal back. Caesars has hired, according to the Wall Street Journal, an investment backing firm known as Raine Group to go over the bids and evaluate which proposal would most benefit the larger Caesars Entertainment Corp. With a reported $18billion in debt, this would be an important sale in the wake of their Chapter 11 bankruptcy.
The report added that the tournament series is not what the deal is “centered on,” but it did not rule out that addition. What is most interesting to the bidders, it seems, is the mobile gaming branch of the company. This includes a number of things in addition to the iOS and Android WSOP game, such as CaesarsBingo.com, Slotomania, and others. These are large sources of income on their own, although perhaps not as profitable as the live series. We will have to wait for further information to know how much of the brand is being offered to the bidders.
It remains to be seen if this sale will happen. Reports suggest that they weren’t actively looking for buyers, but a sale has been rumored for years. This is the first confirmation that companies are vying for it, so stay tuned for more on this and see if changes are going to happen for the prestigious World Series of Poker. The last sale was in 2004, when Caesars Entertainment purchased WSOP along with Binion’s Horseshoe Hotel and Casino for $917million.
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