Caesars Entertainment has agreed to sell the Rio All-Suite Hotel & Casino to a principal of real estate firm Imperial Companies for $512.3 million. 

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."

Comments

From Our Partners


From Our Partners

Fiji Airways – Your connection to Fiji and the South Pacific
Fiji Airways – Your connection to Fiji and the South Pacific
Register Now
We Love Travel Advisors 2022 Guide
We Love Travel Advisors 2022 Guide
Read More
How You Can Sell Alaska This Summer - Webinar 2
How You Can Sell Alaska This Summer - Webinar 2
Register Now

JDS Travel News JDS Viewpoints JDS Africa/MI