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Soho House Owner Rumored To Be Buying Caesars’ Rio Casino

The owner of a chain of private member clubs is reportedly courting Caesars to buy its Rio Casino

California businessman Ron Burkle has reportedly set eyes on Rio All-Suite Hotel & Casino, the Caesars-owned casino resort best known for hosting the World Series of Poker since 2005. Rumors about the property’s sale have been flying for the better part of a decade now, but a deal has never occurred.

Moreover, Caesars has denied its rumored intentions to divest the property on several occasions over the years.

Celebrity gossip website Page Six started the latest round of reports earlier this week. The rumor mill has churned out suggestions that Mr. Burkle has expressed interest in the Las Vegas hotel and casino resort. The businessman is the owner of the Soho House chain of private clubs, restaurants, cinemas, and bedrooms. Mr. Burkle’s business includes properties across Europe, North America, and Asia. According to Page Six, the billionaire businessman is also the owner of a company that specializes in buying underperforming assets.

Page Six also reported citing unnamed sources that the businessman plans to place Scott Sibella in charge of Rio. Mr. Sibella recently stepped down as President and Chief Operating Officer of MGM Grand.

Previous Sale Reports

As mentioned above, rumors about a potential sale of Rio have been floating around for years. The first round of such rumors emerged in 2010 when unnamed sources claimed that Harrah’s Entertainment, the property’s then owner, was seeking a buyer and that the resort had a number of suitors, with offers for its purchase going all the way up to $500 million.

It emerged in 2013 that the parent company of online poker giant PokerStars was interested in acquiring Rio as part of its strategy to return to the United States after it was shamefully banished from the nation in the years after the implementation of the Unlawful Internet Gambling Enforcement Act of 2006. Those reports were actually confirmed by PokerStars’ owner. However, a deal never took place.

Las Vegas blog Vital Vegas reported last year that Caesars was “highly motivated” to sell Rio and that the property had at least three suitors at the time. There were also reports later in 2018 that the resort was up for sale and that an interested buyer intended to demolish it and transform it into a Major League Baseball ballpark as Las Vegas seeks to attract sports franchises in a bid to grow its popularity among diverse groups of visitors.

Rio opened doors in 1990. The property features 2,500 hotel rooms, a casino with 1,100 slot machines and 90 table games, entertainment and dining facilities, convention space, and a number of other amenities. As mentioned above, the property has most notably been home to the annual WSOP poker festival. According to separate reports, Caesars plans to relocate the poker series to Caesars Forum, a $375-million convention center currently under construction in Las Vegas. The Forum is expected to open doors in the early 2020s.

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The post Soho House Owner Rumored To Be Buying Caesars’ Rio Casino appeared first on Casino News Daily.

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March 2019
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