Caesars sells Rio Casino in a $516.3 million Deal
The Rio All-Suite Hotel & Casino off the Las Vegas Strip has been sold to New York-based Imperial Companies.
A trend may be emerging in the world of land-based casinos with talk of a potential sale of MGM Grand and the Bellagio to Blackstone Group Inc. Today we've got news that Caesars sells Rio Casino to New York-based real estate investment company Imperial Companies. We've got a summary next.
The Rio All-Suite Hotel & Casino
Rio All-Suite Hotel & Casino was owned by Caesars Entertainment. Since 2005, the casino has served as the home for World Series of Poker (WSOP). They are located near the Vegas strip in Nevada, having opened their doors in January 1990.
Expected to close by the end of 2019, Caesars Entertainment will continue to manage the company for two years.
Remaining under Caesars management for 2 years
Under this agreement, Caesar Entertainment will continue to operate the casino for two years while paying $45 million in annual rent. After two years, they have the option of continuing to operate the casino or service it until their replacement is found. It is expected that the Caesars sells Rio Casino deal will close late in 2019.