In early January 2020, rumors began to circulate that the Rio All-Suite Hotel and Casino in Las Vegas was going to be closing its doors. The rumors were further fueled by a statement from the property’s owner, Caesars Entertainment, that they were “reviewing all options” for the future of the Rio.
Now, it appears that the rumors are true and the Rio is indeed closing. Caesars has announced that they have entered into an agreement to sell the property for $516.
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3 million. The buyer is a real estate investment firm called Honeyland.
The Rio has been a fixture on the Las Vegas Strip since it opened in 1990. It was originally built as an off-strip property, but its success led to it being eventually annexed by the city of Las Vegas.
The Rio is best known for its annual hosting of the World Series of Poker (WSOP). The WSOP is the most prestigious and popular poker tournament in the world, and it has been held at the Rio for the past 15 years.
However, it appears that the WSOP will not be held at the Rio after this year. Caesars has announced that they are in talks with other properties about hosting the tournament in 2021 and beyond.
The closure of the Rio will be a significant blow to the poker community. The WSOP is one of the biggest reasons why many poker players come to Las Vegas every year.
If it is no longer held at the Rio, then it is likely that many players will no longer come to Vegas to play poker. This could have a negative impact on both live and online poker games around the world.
It is not yet known what will happen to the Rio property once it closes. It is possible that it will be demolished to make way for new development, or it could be converted into another type of casino or hotel property.
Regardless of what happens, it is clear that the end of an era is upon us as one of Las Vegas’ most iconic properties prepares to close its doors for good.
