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