Caesars Entertainment closed the previously announced sale of its intellectual property rights for the World Series of Poker brand to NSUS Group Inc. for $500 million.

As previously disclosed, the transaction includes $250 million in cash and a $250 million promissory note due five years after the transaction’s closing secured by the WSOP IP assets being sold.

Caesars retains the right 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 poker business in Nevada, New Jersey, Michigan, and Pennsylvania for the foreseeable future. It will otherwise be restricted from operating online peer-to-peer poker 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 with the transaction, several long-time WSOP executives will transition to key leadership roles on the NSUS team. Ty Stewart will serve as CEO of the newly formed WSOP subsidiary, while Gregory Chochon has accepted the position of COO. Erik Eidissen also joins as communications manager.