US Casino and hospitality giant Caesars Entertainment Corp has confirmed the sale of its Rio All-Suite Hotel and Casino in Las Vegas. The casino operator said that the deal has been finalized for $516.3 million.
The Rio All-Suite Hotel and Casino on the Vegas strip has been hosting the World Series of Poker for the last 15 years. The casino bought by Imperial Companies, a New York-based real estate company.
According to the purchase deal, Caesars will continue to operate the gambling venue for two years. However, Caesars would pay $45 million in rent for the first two years and if it wishes to continue to operate the property for the third year, the annual rent would be $7 million.
Commenting on the deal, Caesars’ CEO Tony Rodio said: “This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties and is expected to results in incremental EBITDAat those properties.”
Despite the sale, Caesars will continue to own the rights to the WSOP brand.
Earlier this year, Caesars struck a merger deal with Eldorado Resorts. The deal was finalized for $17.3 billion.
Last month, Caesars Entertainment confirmed that they are no longer pursuing a casino license in Japan while all top gambling operators from across the globe leave no stone unturned to stay ahead in the race.
The gambling operator said that they are focused on the closure of the merger deal with Eldorado.