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Sept. 23, 2019, 7:07 a.m. EDT

Caesars Entertainment agrees to sell Rio All-Suite for $516.3 million

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By Barbara Kollmeyer

CZR

Caesars Entertainment Corp. /zigman2/quotes/207192848/composite CZR +0.18% said Monday that it has agreed to a sale of its Rio All-Suite Hotel & Casino to a company controlled by Imperial Companies for $516.3 million. Under terms of the deal, Caesars will continue operating the property for two years and pay annualized rent of $45 million. The buyer has an option to pay Caesars $7 million to extend that lease a third year under similar terms. Once the lease terms ends, Caesars can keep managing it or provide transition services to Imperial. Shares of Caesars were unchanged in premarket trading.

/zigman2/quotes/207192848/composite
US : U.S.: Nasdaq
$ 11.39
+0.02 +0.18%
Volume: 10.22M
May 29, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.79 billion
Rev. per Employee
$127,136
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