Caesars Entertainment has agreed to sell the Rio All-Suite
Hotel & Casino to a principal of real estate firm Imperial Companies for
Under the terms of the deal, Caesars will continue to
operate the off-Strip Las Vegas hotel for a minimum of two years, paying an
annualized rent of $45 million. Subsequently, the company can opt to extend the
lease for a third year under similar terms.
The sale is expected to close before the end of this year.
According to Caesars Entertainment CEO Tony Rodio, the move "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."
Caesars said the transaction is "not expected to result
in any changes to the guest experience."