Rio sale rumors resurface
By Bob Garcia
The same media outlet that first suggested the Rio was up for sale is back
Last year, Vegas news outlet Vital Vegas reported that the Rio All-Suite Hotel & Casino could be available for purchase. The potential sale of the popular destination was downplayed, but then the outlet once again came forward with more talk about the property being shopped around. The buzz died down again for several months until now, when Vital Vegas published a series of tweets that discuss the Rio’s status.
Vital Vegas states in one post, “Caesars REIT [Real Estate Investment Trust] would pay the bulk of Rio price (for the land), leaving $65 million-ish cost to [the] buyer. Buyer monthly nut to REIT: $40m-ish.” The REIT is VICI Properties, which was formed as part of the bankruptcy restructuring when Caesars crawled out from under its financial debt in 2017.
It also said in a separate tweet, “Estimated buyer would need to invest about $100 million for Rio overhaul, but demolition application filed, so could be a land play,” following that up with, “Rio deal includes option to carve off 21 acres, bolstering prospect of MLB stadium or rail station scenarios.”
The Rio has become most notable as the home for the World Series Of Poker (WSOP). According to Vital Vegas, there are a couple of options on the table regarding where it might go if the Rio is sold. It explains, “Apparently WSOP move to Caesars isn’t [a] foregone conclusion. Three-year continuation may be part of Rio deal, option to extend three more.”
No deal on a sale has yet to be confirmed by anyone. However, a 287-unit luxury apartment complex is coming to the area close to the Rio, which is fueling speculation that there might be a land grab for the Rio in hopes of building more housing. At this point, though, there is no clear direction on what is happening with the property.