Caesars Selling Las Vegas’ Rio for $516M

Caesars Entertainment Corporation is selling the Rio All-Suite Hotel & Casino in Las Vegas to a company controlled by a principal of Imperial Companies for $516.3 million. Caesars will continue to operate the property under a lease for a minimum of two years and pay annualized rent of $45 million.

Caesars Entertainment’s Tony Rodio says, “This deal 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. The retention of the World Series of Poker and retention of Caesars Rewards customers are all factors that make this a valuable transaction for Caesars.”

The transaction is expected to close in the fourth quarter of 2019. The buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year.

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Connect With Caesars Entertainment’s RodioConnect With Imperial Companies

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

Order Reprints

◦Sale/Acquisition

Sub Markets

National

Property Sectors

Topics

National CRE News In Your Inbox.

Caesars Selling Las Vegas’ Rio for $516M

Inside The Story

About Dennis Kaiser

STAY INFORMED

Sub Markets

National

Property Sectors

Topics

National CRE News In Your Inbox.

Caesars Selling Las Vegas’ Rio for $516M

Inside The Story

About Dennis Kaiser