Rio sold for $516 million
September 23rd, 2019 at 9:58:54 AM
permalink
https://lasvegassun.com/news/2019/sep/23/caesars-announces-sale-of-rio-for-516-million/
Vital Vegas scooped this back in April.
I'll be more interested to see if the rumors about Caesars selling off PH are true.
Quote:Caesars Entertainment has completed a deal to sell the Rio and continue to operate the Las Vegas property for at least two years, the company announced today.
In a news release, Caesars said it is selling the Las Vegas property to a principal of Imperial Companies, a New York-based real estate firm, for $516.3 million.
Vital Vegas scooped this back in April.
I'll be more interested to see if the rumors about Caesars selling off PH are true.
Ding Dong the Witch is Dead
September 23rd, 2019 at 10:18:26 AM
permalink
Hopefully, they'll put a fresh coat of paint on the place.
Simplicity is the ultimate sophistication - Leonardo da Vinci
September 23rd, 2019 at 10:23:42 AM
permalink
Quote: AyecarumbaHopefully, they'll put a fresh coat of paint on the place.
I think all of the Caesar's properties need that.
At my age, a "Life In Prison" sentence is not much of a deterrent.
September 23rd, 2019 at 10:55:08 AM
permalink
Quote: DRichI think all of the Caesar's properties need that.
Haven't they been doing that the last several years?
Probably selling the Rio to recoup some of the money they've spent doing all those renovations...
September 23rd, 2019 at 11:34:02 AM
permalink
IMO, the Rio was the only one they could let go of in LV. It would be crazy to give up any Strip holdings.
If the House lost every hand, they wouldn't deal the game.
September 23rd, 2019 at 12:18:21 PM
permalink
Well aren't they also trying to sell Circus Circus? If Phil Ruffin buys it would make sense, as he caters at T.I. to a more moderate crowd too.
In any case, if Caesar's maintains management of the sold casinos not much will change.
In any case, if Caesar's maintains management of the sold casinos not much will change.
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
September 23rd, 2019 at 12:19:48 PM
permalink
Quote: MDawgWell aren't they also trying to sell Circus Circus?
In any case, if Caesar's maintains management of the sold casinos not much will change.
Circus Circus is MGM not Caesar's.
At my age, a "Life In Prison" sentence is not much of a deterrent.
September 23rd, 2019 at 12:25:29 PM
permalink
Yes it's confusing, look here:
https://wizardofvegas.com/forum/gaming-business/mgm-mirage/32869-cosmopolitan-is-on-the-auction-block/#post740997
https://wizardofvegas.com/forum/gaming-business/mgm-mirage/32869-cosmopolitan-is-on-the-auction-block/#post740997
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
September 23rd, 2019 at 12:27:03 PM
permalink
But in any case, yes you are right, Phil Ruffin is supposedly looking to buy Circus Circus [from MGM].
I tell you it’s wonderful to be here, man. I don’t give a damn who wins or loses. It’s just wonderful to be here with you people.
https://wizardofvegas.com/forum/gambling/betting-systems/33908-the-adventures-of-mdawg/
September 24th, 2019 at 3:16:41 PM
permalink
This seems like a good deal for the new owners:
"Under terms of the agreement, Caesars will continue to operate the property while paying $45 million annually in rent under a lease that will run for at least two years."
"Under terms of the agreement, Caesars will continue to operate the property while paying $45 million annually in rent under a lease that will run for at least two years."
There's emptiness behind their eyes
There's dust in all their hearts
They just want to steal us all and take us all apart
September 24th, 2019 at 3:54:31 PM
permalink
I wonder what will become of the WSOP? Maybe more importantly, what about Penn and Teller?
Simplicity is the ultimate sophistication - Leonardo da Vinci
September 24th, 2019 at 7:31:50 PM
permalink
Quote: AyecarumbaI wonder what will become of the WSOP? Maybe more importantly, what about Penn and Teller?
Neither will have trouble relocating.
You can shear a sheep a hundred times, but you can skin it only once. — Amarillo Slim Preston
September 25th, 2019 at 4:48:57 AM
permalink
Quote: AyecarumbaI wonder what will become of the WSOP? Maybe more importantly, what about Penn and Teller?
In the article it noted that WSOP will be at the Rio next year (while Caesars is still operating it) but after that it will be TBD. But the WSOP brand obviously will stay with Caesars (not part of this transaction) and I would guess it relocates to one of their strip properties.
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
September 25th, 2019 at 8:01:47 AM
permalink
VitalVegas tweeted back in June that there were "breadcrumbs" indicating Penn & Teller might move to the Flamingo.
Ding Dong the Witch is Dead
September 25th, 2019 at 8:09:58 AM
permalink
Quote: ams288VitalVegas tweeted back in June that there were "breadcrumbs" indicating Penn & Teller might move to the Flamingo.
That would be cool....
September 25th, 2019 at 9:21:01 AM
permalink
Unless your Donnie and Marie...Quote: TigerWuThat would be cool....
Simplicity is the ultimate sophistication - Leonardo da Vinci
September 25th, 2019 at 9:32:30 AM
permalink
Quote: AyecarumbaUnless your Donnie and Marie...
Their contract with Flamingo ends in November.
September 25th, 2019 at 11:25:05 AM
permalink
Quote: TigerWuTheir contract with Flamingo ends in November.
Sad. Like puppy love, nothing lasts forever. Marie is still looking good for 60 years old.
Donny looks alot like Jack Lord from the old "Hawaii Five-O".
Simplicity is the ultimate sophistication - Leonardo da Vinci
September 25th, 2019 at 11:46:24 AM
permalink
Selling the property and leasing it back makes sense, but usually these deals are for 10-15 years. That the new owners gave a two year lease makes me wonder if this was brought for the purposes of flipping it. New owners can cut ties with the past, renovate it and offer it to a third party without the ghosts of Harrahs past interfering.
The older I get, the better I recall things that never happened
October 2nd, 2019 at 10:44:44 AM
permalink
Just saw a tweet saying Penn & Teller are moving over to Paris in 2020.
Ding Dong the Witch is Dead
October 2nd, 2019 at 12:07:08 PM
permalink
Quote: billryanSelling the property and leasing it back makes sense, but usually these deals are for 10-15 years. That the new owners gave a two year lease makes me wonder if this was brought for the purposes of flipping it. New owners can cut ties with the past, renovate it and offer it to a third party without the ghosts of Harrahs past interfering.
That would be my guess also. The new company does not intend to operate the casino.
At my age, a "Life In Prison" sentence is not much of a deterrent.
October 2nd, 2019 at 3:47:27 PM
permalink
Nothing against the Caesars company, in fact I like them, but I welcome more competition in Vegas from anybody.
"For with much wisdom comes much sorrow." -- Ecclesiastes 1:18 (NIV)
October 3rd, 2019 at 1:33:51 AM
permalink
Wow, those people are still around? I vaguely remember being a young child and my parents turning in. Definitely not my thing.Quote: AyecarumbaUnless your Donnie and Marie...
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
October 3rd, 2019 at 7:09:30 AM
permalink
Elvis is still alive in some way.Quote: AxelWolfWow, those people are still around? I vaguely remember being a young child and my parents turning in. Definitely not my thing.
October 3rd, 2019 at 2:42:22 PM
permalink
The Imagineers at Disney have done a wonderful job of re-animating Wayne Newton.
There's emptiness behind their eyes
There's dust in all their hearts
They just want to steal us all and take us all apart
