Tue, Dec 10, 3:05pm by Noah Taylor
Caesars Entertainment Corporation reported the completion of its Rio All-Suite Hotel and Casino’s previously announced sale to a buyer associated with Dreamscape Companies owned and controlled by Eric Birnbaum.
Inkedin reports the property was sold for $516.3 million, which includes some fees, expenses and $40 million in seller financing provided by a Caesars affiliate.
A Caesars subsidiary has entered into a contract with the purchaser in conjunction with the completion of the sale under which Caesars will continue to operate the property for at least two years and pay an annualised rent of $45 million.
The purchaser has the option of paying $7 million for Caesars to extend the contract for a third year, under similar terms.
Caesars may continue to manage the Rio at the end of the lease period and at the Buyer’s request or may provide the Buyer with relocation services.
During the lease term, the Rio will continue to be part of the Caesars Rewards network and the transaction is not expected to result in any changes to the guest experience, a statement from the company said.
In addition, the Rio will host the World Series of Poker in 2020 and naming rights will remain with Caesars Entertainment.
Caesars Entertainment Completes Sale of the Rio to Dreamscape or $516.3 Million: Caesars Entertainment Corporation (NASDAQ: CZR) last week announced it has completed the previously announced sale of the Rio All-Suite Hotel & Casino to a company… https://t.co/LNVeJzXfUl pic.twitter.com/6LYWk1XNfF
— Hotel News Resource (@1HotelNews) December 9, 2019
In July it was announced that Caesars had reached a deal with Japanese arcade giant Taito to host an esports event, Calvin Ayre reported.
The new deal calls for a competition to occur at the Rio All-Suite Hotel & Casino in Las Vegas in August.
The event will be called the Toushinsai, and has been held in Japan every year since 2015.
In the last two years that the event has been hosted, more than 6000 players from across the globe have participated.
That number is expected to be dwarfed by how many are attracted to Las Vegas.
This year’s competition will feature a tournament of three-on-tree single elimination in Street Fighter V.
The winning team will receive an all expenses paid trip to Tokyo.
“Caesars Entertainment is excited to host Toushinsai competitors from around the globe,” Caesars vice president of strategic investment initiatives John Linss said.
“Our company has long fostered the rapidly growing eSports industry throughout our resorts and we are happy to be collaborating with Taito to bring their e-Arcade sports qualifier to North America for the first time.”
This new venture continues the reinvention of Caesars Entertainment.
Just days ago it was announced that the casino giant had pulled out of a potential deal to purchase one of the casino licences for the Gold Coast casino in Australia.
Yet, the globally recognised gaming giant still continues to find ways to keep their brand in the spotlight.
The same is true for Taito, as they see this as a golden opportunity to expand an already successful tournament across the globe.
“Caesars and The Wall have been great partners in providing a unique venue opportunity for our first qualifier in North America,” Taito’s president and executive director Tetsu Yamada said.
“Their expertise in eSports and entertainment, coupled with the state-of-the-art facilities will mean that our participants and their guests will have a first-class experience.
“In addition, eSports is anticipated to become an important attraction for the future integrated resorts in Japan and Caesars is an ideal partner for us, given its track record of innovation in the IR industry,” he said.
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