Is Gaming Done in Las Vegas? Rio All-Suites Hotel and Casino SOLD!
Rio All-Suites Hotel in Las Vegas SOLD to a New York Real Estate Group, not a gaming company.
Las Vegas, NV - Purchase price was $516 million. The purchaser was Imperial Companies, a New York real estate group.
This is a significant event for many reasons. Earlier this year, Caesars Entertainment sold their gaming business to El Dorado while maintaining their real estate. This sale signifies that Caesars Ent is going to begin liquidating their other casinos. And in 2018, Steve Wynn sold all of his shares - $2 Billion - 6 months before the bottom of the gaming market fell out. He "saved" or "made" $500 million by cashing our of Vegas. So why are investors still buying? Who knows. Its real estate but gaming is drying up.
The sale of the Rio was not a surprise if you live in Las Vegas. In 2015, Caesars Entertainment filed for Chapter 11 bankruptcy protection. I would expect their other properties to sell next, Planet Hollywood and Cromwell.
Let's recap what has happened in Las Vegas:
2015 Caesars Files for Bankruptcy
2016 Hockey Team Announced, new Arena and Parking Fees Added
2017 Oct 1
2018 NFL moves to Vegas , but they put the Stadium by Mandalay Bay, far away from Sheldon Adelson and Steve Wynn's properties. Sheldon backs out.
2018 Steve Wynn sells all of his shares in Wynn. Sheldon is in the hospital and no one has seen him since.
2019 Caesars sells gaming business to El Dorado.
2019 Caesars sells Rio All-Suite Hotel to a New York real estate Group
According to Scott Roeben at www.VitalVegas.com, the Mirage, the Cosmo, Bellagio and MGM, PH and Cromwell are next.
So whats next for gaming in Vegas? It's an era change. We will probably become a Space Port, like Mos Eisley.