*** BREAKING NEWS *** Rio has been sold to Imperial Companies

Rio Las Vegas has been sold.

Below is an internal memo sent moments ago informing Rio Las Vegas team members that the property has sold.

The buyer is a company called "Imperial Companies", based out of New York. They will be leasing the Rio back to Caesars for "at least two years", and the sale won't be completed until early 2020.

The WSOP will be at Rio for 2020, but the memo does not state where it will be in 2021, presumably wanting to give themselves the option to move it to the new Caesars Convention Center (slated to be completed in April 2020) by then.

Despite the sale, it will remain a Caesars location for at least 2 years, and all of the employees will be Caesars employees. It will also continue participating in Total Rewards during that time.

Press release: https://www.prnewswire.com/news-rele...300922957.html

Rio was sold for $516 million.

Caesars is leasing it back for $45m/year for 2 years (total $90m).

Caesars has an option for a third year at $52m.

Has that Sears/KMart feel. The business is shite but the real estate is an incredible asset.

Most poker players would be thrilled to have their house rented back to them so they can use the money for groceries.

The Eldorado Group purchase may turn out to be genius. Like who would want Ceasars? On the surface it was baffling.

Here's my analysis of the sale, and how it will affect the WSOP:

https://pokerfraudalert.com/forum/sh...Companies-quot