Caesars Completes $516.3 Million Sale Of Rio Hotel In Las Vegas

By Associated Press

Published December 9, 2019 at 11:06 AM PST

Caesars Entertainment Corp. says it has completed the $516.3 million sale of its Rio All-Suite Hotel & Casino in Las Vegas.

The company said Friday it will continue for at least two years to run the 2,500-room property and will pay an annual lease of $45 million to the new owner, newly formed Dreamscape Cos.

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Dreamscape is owned and controlled by Imperial Cos. co-founder Eric Birnbaum, who tells the Las Vegas Review-Journal it is separate and unaffiliated with Imperial.

Birnbaum's company also operates the Westin Las Vegas, a non-casino hotel just off the Las Vegas Strip.

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