{"id":22279,"date":"2019-09-23T09:44:00","date_gmt":"2019-09-23T16:44:00","guid":{"rendered":"https:\/\/www.casino.org\/vitalvegas\/?p=22279"},"modified":"2019-09-23T10:04:24","modified_gmt":"2019-09-23T17:04:24","slug":"confirmed-at-last-rio-las-vegas-sold-to-imperial-companies","status":"publish","type":"post","link":"https:\/\/www.casino.org\/vitalvegas\/confirmed-at-last-rio-las-vegas-sold-to-imperial-companies\/","title":{"rendered":"Confirmed at Last, Rio Las Vegas Sold to Imperial Companies"},"content":{"rendered":"

Caesars Entertainment has officially announced the sale of Rio, finally.<\/p>\n

Rio was purchased by a New York real estate group for $516.3 million. The deal is expected to be finalized in early 2020.<\/p>\n

\"Rio\"
It’s about damn time.<\/figcaption><\/figure>\n

The buyer is Imperial Companies, run by founding partners Eric Birnbaum and Michael Fascitelli.<\/p>\n

Gosh, if only someone had known who the buyer was way back in April 2019.<\/p>\n

\"Rio
Haters, please form a line to the right for the traditional\u00a0eating of the crow.<\/figcaption><\/figure>\n

While the Rio has finally sold, Caesars Entertainment will\u00a0continue to operate the resort for at least two years. Imperial\u00a0has the option to pay Caesars $7 million to extend the lease an additional year.<\/p>\n

While Caesars operates Rio, it will pay $45 million a year in\u00a0rent.<\/p>\n

The announcement of the sale of Rio puts to rest some lingering\u00a0questions such as the fate of the World Series of Poker. The\u00a0popular event will be held at Rio in 2020, and 2021 is likely as well according to Seth Palansky, V.P. of Corporate\u00a0Communications for the WSOP.<\/p>\n

Caesars Entertainment will continue to own the rights to WSOP.<\/p>\n

\"Rio
Please fix the neon, already.<\/figcaption><\/figure>\n

At this juncture, it’s unclear what Imperial’s intentions are\u00a0for Rio.<\/p>\n

We do know the asking price for Rio at one time was more than a\u00a0billion dollars, so Imperial got this fading casino at a\u00a0relative bargain. That is, until you consider what it’s going to cost (possibly a billion-plus) to bring the Rio back up to snuff.<\/p>\n

Rumors and speculation continue to swirl, and we’d share them,\u00a0but at the moment we’re busy reveling in how badass we are for\u00a0calling the Rio sale months before anyone else.<\/p>\n

One more self-indulgent Tweet, please! (We took at lot of crap for this scoop, so let us have our moment.)<\/p>\n

\"Rio
The Rio sale was announced on the last day of summer, Sep. 23, 2019. Boom.<\/figcaption><\/figure>\n

More to come, and thanks to our amazing sources. You know who\u00a0you are.<\/p>\n","protected":false},"excerpt":{"rendered":"

Caesars Entertainment has officially announced the sale of Rio, finally. Rio was purchased by a New York real estate group for $516.3 million. The deal is expected to be finalized in early 2020. The buyer is Imperial Companies, run by founding partners Eric Birnbaum and Michael Fascitelli. Gosh, if only someone had known who the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[23,2],"tags":[],"class_list":["post-22279","post","type-post","status-publish","format-standard","hentry","category-vegas","category-lasvegashotels"],"acf":[],"yoast_head":"\nConfirmed at Last, Rio Las Vegas Sold to Imperial Companies<\/title>\n<meta name=\"description\" content=\"Caesars Entertainment has officially announced the sale of Rio. 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Rio was purchased by a New York real estate group for $516.3 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/vitalvegas\/confirmed-at-last-rio-las-vegas-sold-to-imperial-companies\/\" \/>\n<meta property=\"og:site_name\" content=\"Vital Vegas\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/VitalLasVegas\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-23T16:44:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-23T17:04:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2013\/07\/rio.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Roeben\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@vitalvegas\" \/>\n<meta name=\"twitter:site\" content=\"@vitalvegas\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Scott Roeben\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Confirmed at Last, Rio Las Vegas Sold to Imperial Companies","description":"Caesars Entertainment has officially announced the sale of Rio. 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