Eldorado Resorts Inc.<\/a> for $17.3 billion. Eldorado CEO Thomas Reeg said in June that one or two of Caesars\u2019 nine Las Vegas properties would soon be sold, foreshadowing the Rio sale.<\/p>\n\u201cThis deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties and is expected to result in incremental (cash flow) at those properties,\u201d Tony Rodio, CEO of Caesars Entertainment, said in a recent statement. Rodio also noted how Caesars benefits by retaining the World Series of Poker and Caesars Rewards customers.<\/p>\n
As Eldorado acquires Caesars, it will create the largest domestic gaming company in terms of number of casinos. Caesars Entertainment resorts operate under the Caesars, Harrah’s and Horseshoe brands.<\/strong><\/p>\nImperial is led by founding partners Eric Birnbaum and Michael Fascitelli. The firm \u201cis a vertically integrated real estate investment, development and management platform focused primarily on mixed-use, residential, and hospitality assets across all major US markets.\u201d<\/p>\n
It has deployed approximately $1 billion of total capitalization across its various investments since the launch in 2014, \u201cwith the goals of value creation and long-term wealth preservation through ownership, development and\/or strategic partnerships,\u201d the company website says.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Las Vegas Rio is expected to be sold by Caesars Entertainment Corp to a principal at New York-based Imperial Companies, a real estate investment firm, for $516.3 million. The sales price for the Rio All-Suite Hotel and Casino is much lower than the $636 million to $836 million valuation range completed in 2017 by […]<\/p>\n","protected":false},"author":44,"featured_media":115581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,32093],"tags":[],"acf":[],"yoast_head":"\n
Caesars Entertainment Sells Rio for Millions Less Than 2017 Valuation<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n