Caesars Entertainment has sold the Rio All-Suite Hotel and Casino to a New York-based real estate company for $516.3 million, seeking to focus resources on its Strip properties.
In June, Caesars confirmed that it was acquired by Reno-based gambling operator Eldorado Resorts for $17.3 billion following months of speculation.
“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 (cash flow) at those properties,” Caesars CEO Tony Rodio said.
A principal of Imperial Companies bought the Rio, with Caesars set to operate the venue under a two-year lease agreement. It will pay $45 million in annual rent to the real estate company.
Despite the sale, the Rio will continue to hold the World Series of Poker, which it has been hosting for more than a decade.
The transaction is set to be concluded in Q4 2019.
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