{"id":29335,"date":"2019-09-24T17:58:38","date_gmt":"2019-09-24T17:58:38","guid":{"rendered":"https:\/\/www.pokerscout.com\/?p=29335"},"modified":"2019-09-25T11:55:31","modified_gmt":"2019-09-25T11:55:31","slug":"caesars-entertainment-sells-rio-las-vegas-and-wsop-remains-for-another-year","status":"publish","type":"post","link":"https:\/\/www.pokerscout.com\/caesars-entertainment-sells-rio-las-vegas-and-wsop-remains-for-another-year\/","title":{"rendered":"Caesars Entertainment Sells Rio Las Vegas And WSOP Remains For Another Year"},"content":{"rendered":"

For many years, the Rio All-Suite Hotel & Casino<\/strong> has been the subject of a painstaking number of rumors about what will become of it. Now, Caesars Entertainment<\/strong> has officially announced<\/a> that they have sold the Rio for $516.3 million<\/strong> to a group controlled in principal by Imperial Companies<\/strong>.<\/p>\n

But that doesn\u2019t necessarily mean Rio will be revamped or torn down. Imperial, a real estate investment, development, and management company, will lease the Rio to Caesars for $45 million<\/strong> for each of the next two years<\/strong>. Caesars will continue to operate the off-strip casino and hotel even after the sale to Eldorado Resorts is finalized next year.<\/p>\n

Naturally, that means the World Series of Poker<\/strong> will remain at Rio.<\/p>\n

\u201cThis deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties and is expected to result in incremental EBITDA at those properties,\u201d said Tony Rodio<\/strong>, CEO of Caesars Entertainment<\/strong>.<\/p>\n

The deal seems as though it makes sense for Caesars as well as the real estate investors.<\/p>\n

World Series Of Poker will remain at Rio next year<\/span><\/h2>\n

Rumors about this sale again kicked into overdrive more than a week ago when Seth Palansky<\/strong>, vice president of corporate communication for the World Series of Poker<\/strong>, tweeted the following:<\/p>\n

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Can 100% confirm @WSOP<\/a> will take place at the Rio in Las Vegas in 2020<\/p>\n

\u2014 Seth Palansky (@SethPalansky) September 14, 2019<\/a><\/p><\/blockquote>\n

The buzz from this tweet about the WSOP led to speculation that there would be news about the property. Only days later did the public learn that Caesars finally sold the off-strip property but will continue to operate it, and that the WSOP will remain at the Rio for at least another year.<\/p>\n

The many rumors included talk of a Major League Baseball stadium<\/span><\/h2>\n

Rio has been on the chopping block<\/strong> at Caesars for at least five years. The hotel\u2019s fate has been the subject of much speculation, even going back to when late journalist Robin Leach<\/strong> tweeted about an off-strip casino being sold for $400 million<\/strong>.<\/p>\n

The sale means that the rumor about a baseball stadium<\/strong> being built on the land won\u2019t come to fruition<\/strong> in the next couple of years. (Earlier this year the Henderson area in Las Vegas tried to lure the Arizona Diamondbacks<\/a> with a plan to build a new stadium further away from the Vegas Strip.)<\/p>\n

But one rumor about the sale came true: Imperial Companies did buy the Rio. While Michael Fascitelli<\/strong> (part-owner of the NBA\u2019s Milwaukee Bucks<\/strong>) won\u2019t operate the casino, his company now owns the property.<\/p>\n

Five years and countless rumors later, the sales price is about 20% more<\/strong> than Leach said it would fetch back in 2014.<\/p>\n

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WSOP Nevada Promo Code – GET10<\/p>\n<\/div>\n