Caesars Entertainment to Sell Rio All-Suite Hotel & Casino to Company Controlled by a Principal of Imperial Companies for $516.3M

Caesars Entertainment | September 23, 2019

LAS VEGAS, Sept. 23, 2019 -- Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars" or "Caesars Entertainment"), one of the world's most diversified casino-entertainment providers, today announced it has signed an agreement to sell the Rio All-Suite Hotel & Casino (the "Rio") to a company controlled by a principal of Imperial Companies (the "Buyer") for $516.3 million, 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 $45 million. The Buyer has the option to pay Caesars $7 m...