Rio to be demolished soon?

[Shizzmoney]

This rumor has been around since 2014...but it looks like major traction has taken place within the last 24 hours

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https://twitter.com/twt/status/1116206189182738432

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https://twitter.com/twt/status/1116210637523177472

While the WSOP is most likely safe to be there this year; next year maybe another story. The rumor is also that where the Rio now stands could be a parking lot/transit station for the new Raiders' Stadium, as well as a potential new MLB ballpark.

Honestly, good riddance, the place is a shithole. But the WSOP moving and finding a new home could be a potential challenge for Caesar's moving forward (it's also rumored they maybe selling soon...the company is in major debt...to either Phil Ruffin or Penn National). If the casino remains intact, the WSOP could remain at the property for a number of years after a sale.....but there is also a rumored move to the new convention center under construction, the Caesars Forum, within the next 3 years.

[RS_]

Burn that motherfucker to the ground.

[Dan Druff]

I said on radio that I find this to be highly unlikely to be occurring in 2019, unless Caesars is 100% certain the Caesars Convention Center will be ready by late May 2020.

They've been holding onto the Rio because it's their only viable large convention/WSOP space.

They won't let it go until the replacement is in place.

[desertrunner]

Why the favor to see the Rio demo'd? Just not a popular place or just too old and its time?

[Shizzmoney]

The downfall of the Rio’s image is tied to the casino merger frenzy in the early 2000s and the financial crisis at the end of that decade.

Harrah’s $9 billion purchase of Caesars in 2005 gave the company high-end assets on the Strip, including Caesars Palace and Paris, eroding the importance of the Rio.

Then the financial crisis that erupted in 2008 devastated Caesars, which had debt exceeding $20 billion. Caesars’ cash flow that did not go to creditors went to maintaining its Strip properties.

The company had few resources left over for the Rio, which then-Caesars Chairman Gary Lovemand called an “asset we don’t consider essential to our strategy” in 2009.

Despite the questions surrounding its future, Marnell said the resort is unlikely to be knocked down to make way for a ballfield, a reference to rumors a year ago that the Rio would be demolished to make way for a Major League Baseball stadium. The building still has a strong structure, he said.

https://www.reviewjournal.com/busine...shine-1660527/

[JoeD]

Not on the strip and stand alone building = no renovations for you!