WSOP Stays at Rio Casino Despite Being Sold For $516.3 Million

September 24, 2019 by Natalie Whitehead

Rio All-Suites Hotel and Casino, Las VegasThe Rio Convention Center in Las Vegas will remain the home of the World Series of Poker (WSOP) in 2020. This was confirmed in a recent tweet by the brand’s Vice President of Corporate Communications Seth Palansky.

The statement from the WSOP brass has now put to rest speculation circulating for years that the world’s longest-running festival would leave the Rio. The Las Vegas Casino which belonged to Caesars Entertainment has played host to the WSOP for over a decade. In August 2018, the poker community woke up to rumours that the WSOP would no longer be held at the Rio and would be moved to the Caesars Convention Center which is currently under construction.

The gossip came from Vegas information website Vital Vegas, which covers industry affairs and other rumours in the Sin City. The same source recently came out with a report that a sale deal on the Rio was taking place but Seth Palansky was quick to assure poker players that a Rio sale would not make any difference as contracts were in place years for the Rio to continue to host the WSOP.

This meant that even if a new owner takes over the Rio, they will inherit those contracts and ensure the WSOP still takes place as usual or face legal action. Palansky said they are confident the WSOP will still be held at the Rio in 2020 and most likely in the years ahead.

Rio Casino Finally Sold

On September 23, the Rio All-Suite Hotel & Casino in Las Vegas finally found a new owner. An official announcement from Caesars Entertainment stated that the resort was successfully sold to a real estate group based in New York for $516.3 million. As part of a lease agreement, Rio will still operate the Vegas property for at least two years and will continue to maintain its loyalty rewards program.

8 News NOW Las Vegas

 

Caesars is currently involved in a $17.3 billion merger deal with Eldorado Resorts. The agreement, which is expected to be finalized next Spring, is the biggest merger deal in gaming history. Eldorado CEO Thomas Reeg already hinted in June that they expected to sell one or Caesars’ properties operating off-Strip. The sale is considered by gaming analysts as a positive move that will bring financial and strategic benefits to both Eldorado and Caesars.

Avatar

If there is one topic that really gets Natalie excited it has to be the mathematics of gambling, having worked for a major gaming company in the audit department she loves nothing more than revealing all manner of facts and figures. Many of her news stories relate to both online and bricks and mortar gaming and are always worth checking out.

Leave a Reply

avatar