{"id":1004354444,"date":"2019-09-24T04:32:35","date_gmt":"2019-09-24T12:32:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004354444"},"modified":"2019-09-24T04:52:46","modified_gmt":"2019-09-24T12:52:46","slug":"the-rio-sells-for-516m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/the-rio-sells-for-516m\/","title":{"rendered":"The Rio Sells for $516M"},"content":{"rendered":"
\"\"<\/a>

Rio All-Suite Hotel & Casino. Image via Wikimedia Commons<\/em><\/p><\/div>\n

Caesars Entertainment Corp. has agreed to sell the Rio All-Suite Hotel & Casino for $516.3 million to an affiliate of Imperial Cos. The deal, expected to close in the fourth quarter, comes on the heels of another major casino transaction closing: On Sep. 20, VICI Properties and Hard Rock International finalized their $745 million acquisition<\/a> of the JACK Cincinnati Casino.<\/p>\n

The agreement to sell the Rio allows Caesars to continue to operate the hotel and casino for a minimum of two years, pursuant to a lease, and pay annual rent of $45 million. Imperial Cos. has the option to pay Caesars $7 million to extend the lease under similar terms for an additional year. Caesars also has the option to continue managing the Rio at the end of the lease, if the buyer allows it, or it can provide transition services to Imperial Cos.<\/p>\n

Both Caesars and Imperial Cos. did not respond to a request for comment on the deal.<\/p>\n

\n

READ ALSO: <\/strong>Las Vegas\u2019 $7.5B Project Aims to Redefine the Smart City<\/a><\/p>\n

\n

Caesars Entertainment Corp. is a publicly owned gaming hotel and casino company that owns and operates more than 50 properties worldwide. In 2015, Caesars Entertainment Operating Corp. (CEOC), a subsidiary of Caesars Entertainment Corp., filed for Chapter 11 bankruptcy. VICI Properties was formed in 2017<\/a> as a spinoff of Caesars. The REIT owns a total of 24 casinos, hotels and racetracks, as well as four golf courses throughout the U.S. In 2018, VICI purchased the Octavius Tower<\/a> at Caesars Palace in Las Vegas from Caesars Entertainment Corp. in a $507.5 million leaseback agreement.<\/p>\n

Caesars Entertainment CEO Tony Rodio said in a press release that the deal proceeds will allow the company to \u201cstrengthen\u201d<\/em> its existing properties on the Las Vegas Strip. Those properties include Caesars Palace, Bally\u2019s Las Vegas, Harrah\u2019s Las Vegas, The Cromwell Las Vegas, Flamingo Las Vegas, The Linq, Paris Las Vegas and Planet Hollywood Las Vegas.<\/p>\n","protected":false},"excerpt":{"rendered":"

Caesar\u2019s Entertainment Corp. has sold the Las Vegas hotel and will continue to operate the property for at least two years.<\/p>\n","protected":false},"author":745,"featured_media":1004354447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,1593,21742,15],"tags":[33594,37691,47117,37922],"class_list":["post-1004354444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-las-vegas","category-latest","category-west","tag-hard-rock-international","tag-imperial-companies","tag-the-rio-all-suite-hotel-casino","tag-vici-properties"],"acf":[],"yoast_head":"\nThe Rio Sells for $516M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/the-rio-sells-for-516m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Rio Sells for $516M\" \/>\n<meta property=\"og:description\" content=\"Caesar\u2019s Entertainment Corp. has sold the Las Vegas hotel and will continue to operate the property for at least two years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/the-rio-sells-for-516m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-24T12:32:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-24T12:52:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/09\/Rio_Vegas_Nima-e1569291161470.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"790\" \/>\n\t<meta property=\"og:image:height\" content=\"592\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Holly Dutton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-rio-sells-for-516m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-rio-sells-for-516m\\\/\"},\"author\":{\"name\":\"Holly Dutton\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9259ffaba4775229ae3556b9555e566d\"},\"headline\":\"The Rio Sells for $516M\",\"datePublished\":\"2019-09-24T12:32:35+00:00\",\"dateModified\":\"2019-09-24T12:52:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-rio-sells-for-516m\\\/\"},\"wordCount\":334,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-rio-sells-for-516m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2019\\\/09\\\/Rio_Vegas_Nima-e1569291161470.jpg\",\"keywords\":[\"Hard Rock International\",\"Imperial Companies\",\"The Rio All-Suite Hotel & Casino\",\"VICI Properties\"],\"articleSection\":[\"Deals\",\"Featured\",\"Hotel\",\"Las Vegas\",\"News\",\"West\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-rio-sells-for-516m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/the-rio-sells-for-516m\\\/\",\"name\":\"The Rio Sells for $516M - 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