Caesars Entertainment sells casino for $516m
Caesars Entertainment Corp. has signed an agreement to sell the Rio All-Suite Hotel & Casino in Las Vegas to a company controlled by a principal of Imperial Cos. for $516.3 million.
Under the terms of the agreement, Caesars will continue to operate the property.
"This 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," said Tony Rodio, CEO of Caesars Entertainment. "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."
The agreement allows for co-ownership of Rio-specific guest data and places no restrictions on Caesars' marketing activities. The Rio will continue to be part of the Caesars Rewards network during the lease term, and the transaction is not expected to result in any changes to the guest experience. The World Series of Poker will be hosted at the Rio in 2020 and hosting rights will remain with Caesars Entertainment thereafter.
The transaction is expected to close in fourth quarter 2019.
