Caesars’ sale of its Rio casino property has surpassed another hurdle. The Federal Trade Commission (FTC) has green signaled the sale of the casino property to Imperial Companies, a New York-based real estate company.
Earlier last month, Caesars Entertainment 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.
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.
Now that the company has secured the necessary regulatory approval, it plans to close the deal by the year-end.
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.”
Reports had emerged last year as well about a potential sale of the Caesars’ Las Vegas casino. However, the confirmed report of a sale deal came last month.