Having made the decision to sell some of their land-based casinos in Nevada, it was only going to be a matter of time before a buyer would come forward and make an acceptable bid for those properties.
So, it wasn’t too much of a major surprise when Caesars Entertainment made an official announcement yesterday stating that they have found a buyer for their Rio All-Suite Hotel and Casino, which is located just off the Strip over in Las Vegas.
The buyer has been named as a real estate investment company, who placed an offer of some $516.3 million which was a price tag that Caesars were more than happy to accept.
However, part of that deal will see Caesars continuing to operate the Rio Casino for two years and they could continue to operate it after that initial two-year period too.
The main reason as to why Caesars have been eager to sell that casino is two-fold, obviously the income generated will help that company who have been known to be experiencing some cash flow problems over recent years, and it will also allow them to concentrate on their flagship casinos in Vegas too.
No major changes therefore will be put into place immediately, in fact the new owners of that casino are more than happy for the Caesars Rewards program to still be in place at their newly purchased property, and the annual World Series of Poker will continue to be held at the Rio until at least 2020 too.
That real estate investment company are Imperial Companies that are based over in New York, and as mentioned they do appear to be more than happy to have Caesars continue to operate the casino resort on their behalf for the foreseeable future.