Rio All suite Hotel Casino sold for $516.3 million

Rio All suite Hotel Casino sold for $516.3 million

eTurboNews Syndication:

Caesars Entertainment Corporation has signed an agreement to market the Rio All-Suite Hotel & Casino to an organization controlled by way of a principal of Imperial Companies for $516.3 million.

This deal allows Caesars Entertainment to target our resources on strengthening our attractive portfolio of recently renovated Strip properties and is likely to bring about incremental EBITDA at those properties,” said Tony Rodio, CEO of Caesars Entertainment. “The retention of the planet Group of Poker and retention of Caesars Rewards customers are factors that produce this a very important transaction for Caesars.”

The agreement permits co-ownership of Rio-specific guest data and places no restrictions on Caesars’ marketing activities. The Rio shall continue being area of the Caesars Rewards network through the lease term, and the transaction isn’t expected to bring about any noticeable changes to the guest experience. The World Group of Poker will undoubtedly be hosted at the Rio in 2020 and hosting rights will stay with Caesars Entertainment thereafter.

GOT NEWS? click here

possible to reach millions worldwide
Google News, Bing News, Yahoo News, 200+ publications

Further information on the transaction can be purchased in the proper execution 8-K to be filed with the Securities and Exchange Commission.  The transaction is likely to close in the fourth quarter of 2019, at the mercy of regulatory approvals along with other customary closing conditions.

Author: George Taylor

Click here to read the full story on eTurboNews