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US – Caesars sells Las Vegas casino for $516.3m
By Phil - 23 septembrie 2019
Caesars Entertainment is selling the Rio All-Suite Hotel & Casino to a company controlled by a principal of Imperial Companies for $516.3m, which implies a strong sales price to EBITDA multiple.
Under the terms of the agreement, Caesars will continue to operate the property pursuant to a lease for a minimum of two years and pay annualized rent of $45m. The Buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term and at the request of the Buyer, Caesars may continue to manage Rio or may provide transition services to the Buyer.
“This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties and is expected to result in incremental EBITDA at those properties,” said Tony Rodio, CEO of Caesars Entertainment. “The retention of the World Series of Poker and retention of Caesars Rewards customers are all factors that make this a valuable transaction for Caesars.”
Acordul permite coproprietatea datelor despre oaspeți specifice Rio și nu impune restricții asupra activităților de marketing ale Caesars. Rio va continua să facă parte din rețeaua Caesars Rewards pe durata contractului de închiriere, iar tranzacția nu este de așteptat să aibă ca rezultat modificări ale experienței oaspeților. World Series of Poker va fi găzduită la Rio în 2020, iar drepturile de găzduire vor rămâne ulterior la Caesars Entertainment.
