Caesars Entertainment Corp has announced the sale of its iconic Rio All-Suite Hotel & Casino in Las Vegas, but the venue will continue to host the World Series of Poker for at least one more year under the terms of the deal.
The US$516.3 million sale to a principal of real estate giant Imperial Companies will see Caesars continue to operate the Rio under lease for a minimum of two years with the option of a third at the request of the buyer. The two parties will then decide if Caesars should continue to manage the Rio in an ongoing capacity or transition its services.
Crucially, Caesars retains full ownership of the WSOP brand and confirmed on Monday that the world’s most prestigious annual poker tournament will again be hosted at the Rio in 2020.
“This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties,” said Caesars CEO Tony Rodio.
“The retention of the World Series of Poker and retention of Caesars Rewards customers are all factors that make this a valuable transaction for Caesars.”
Caesars had flagged the likely sale of at least some of its assets after announcing in August that the company was set to be acquired by Eldorado Resorts in a massive US$17.8 billion merger deal.