Caesars Entertainment Rumored to be Selling Rio in Las Vegas
Caesars Entertainment is rumoured to be trying to sell the Rio All-Suite Hotel and Casino in Las Vegas. According to the rumors, Caesars currently has three interested parties. The report comes from a well-known blogger in Las Vegas, who received the information from an unnamed source inside Caesars.
Blogger Sure Rio Sale is Imminent
There had been rumors about a potential sale in the past, by now the blogger is doubling down on those reports. He has recently tweeted that the sale of the Rio looks to be almost confirmed, with Caesars Entertainment highly motivated to sell.
The Rio was first opened back in 1990 and was marketed as a casino for locals. Then, in 1999, it was bought by Harrah’s for $888 million. When Harrah’s and Caesars Entertainment merged in 2005, it became part of Caesar’s portfolio. The hotel and casino also got the distinction of becoming home to the World Series of Poker finals in 2005.
Rio Not What it Once Was
Due to the fact that rumors of a potential sale have been circling for some time now, several people have questioned the blogger’s claims. However, he quickly pointed out many of his successes in the past, when he was the first to report on a potential sale. These have included the sale of the Riviera, the SLS, the Hard Rock, the Las Vegas Club, the Alon and the Fontainebleau.
The Rio seems to have fallen on hard times, which may be part of the reasons Caesars is looking to sell. The casino resort has not had a major renovation in over ten years. There have been reports from people who have stayed at the hotel that this is starting to show, as the conditions in the rooms is not great. Caesars was unable to commit to any renovations while it was undergoing its Chapter 11 bankruptcy and may be trying to sell instead of renovating.
Rio Connected to Legionnaires
The Rio was also connected to several cases of Legionnaires disease. Legionnaires is a form of pneumonia that is quite rare. It is spread when a specific strain of bacteria finds its way into ventilation or water systems.
Should the sale of the Rio happen, the World Series of Poker will likely have to find a new home. It is thought that it would relocate to the Caesars Forum Convention center, which is still being constructed. However, this is being denied by WSOP officials, who say that the Rio will continue to be the home for the series for the foreseeable future.