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Harrah’s Entertainment Inc., the casino company owned by Apollo Management LP and TPG Inc., is seeking bids for the Rio All-Suite Hotel & Casino in Las Vegas, people with knowledge of the situation told Bloomberg. Starwood Capital Group LLC and Colony Capital LLC are among the companies that are weighing bids for the resort, said the people who declined to be identified because the talks are private. Some bids value the Rio at about $500 million, two of the people said.
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It doesn't sound like things are getting better for Las Vegas or the employees.
It would not surprise me if Harrah's *and* MGM sell one or more of their properties over the next year or so. From a consumer's standpoint, the amount of homogeneity amongst the big hotels on/near the strip is really unappealing. I really miss the diversity of having many independent operators.
The more casinos Harrah's & MGM sell, the better it will be for the consumer in my humble opinion.
How much cash is Phil Ruffin still sitting on after selling the Frontier for a billion+? Maybe he'll pay cash for it the way he did the TI. One property from MGM and one from Harrah's. That sounds like the start of a pretty good collection. In a year maybe he'll pay cash for a property from LV Sands in Macau.
Don't get me wrong, I'm no big fan of his. It's just fun to see an old school guy avoid debt and make all the young MBA/Wall Street guys running casinos look like chumps. And you can privatize that!
Bring it on, Phil!
Interesting, so what was the point of buying Planet Hollywood if they are now so interested in dumping capacity in Las Vegas?
A property that far off the Strip doesn't make sense for Harrah's to keep.
Was a much more fun place when it was truly a local joint back in the 90's.
Would be a good acquisition for Boyd or Station, or even Maloof if he has the money.
This is EXACTLY what I've been posting the past couple of weeks. And it's so much in Vegas' best interest. The big guns will have to start selling their properties - and I think this has to do with debt AND their investments in Macau, China. The more business diversity the better. I'm all for it!
The Mirage will be sold soon.
Please oh please sell Caesars first!
I agree with the poster mrjack9.
This will probably be a good thing for Las Vegas and for the public.
Let's hope a buyer with lots of cash surfaces. These hotels can run so much better, and the gaming experience can be greatly improved, if a buyer operates it with little or no debt.
Reducing the "duopoly" of casino ownership in Las Vegas is also a great thing.
Agree with the above posters-MGMM and Harrah's will sell off some properties to lower their debt loads and get rid off loss-making operations.
PH is much more valuable location-wise for Harrah's than the Rio.
Look for MGMM to sell the Mirage to Ruffin and Circus to anyone with enough cash and courage to buy it!
In the long run, it will be good for LV. More independent operators with no debt (or manageable debt) will inject true competition and value for patrons!
I'd tell you what, the Rio and the Palms will complement each other real well if its done right.
I'd call it "The Maloof Strip on West Flamingo." lol.
I guess WSOP moving to strip next year at Planet Ho.
MGMM needs to dump Circus Circus.What were they thinking buying it in the first place?
The rio getting sold to a private owner would be great AND the wsop moving somewhere else would be great too!! but i might ask...where should the wsop move too?
Great news! Sell some more.
harrahs has been trying to off the rio but at the same time they bought 370 mill of Palms debt. so if the palms faulters, harrahs can end up being the new owners in a transaction similar to that of the planet hollywood.
Colony capital may be interested but they've already lost resorts in atlantic city to foreclosure, sold off a riverboat, and are struggling at the Lv Hilton. They also mised out trying to buy the A/C trop for 950 mill and Icahn picked the place up for 200 mill.
seems like barrack and colony won't be buying too much unless it is super cheap and harrahs won't sell the RIO for 500 mill....no way, no how
the lack of competition and general sameness of all the resorts i think is a big reason vegas has stumbled the last year.
they almost all have:
generic nightclub
starbucks
bebe store (for real...how many of those DO we need?)
it's just the same thing over and over again.
If Paris Las Vegas could be returned to the people who ran it during the grand opening in Sept. 1999, It could again be a great place to work,stay and play!
OH NO! They all have Starbucks???
Who'd have thunk?
ORDER OF PURCHASE
1992 Harrah's Casino was 1st purchase
1999 Rio Casino 2nd purchase
2005 Ceasars Entertainment (4 casinos)
2005 Imperial Palace 7th property
2007 Bill's Gambling Hall 8th property
2010 Planet Hollywood 9th property
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Rio purchase was the first action of Gary Loveman when he was the new COO, but the future is in connected properties built around some attraction like an arena. They have 126 acres on the strip.
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Rio parking lot was prime candidate for terminal for high speed rail.
This explains why some of the management moved out of the Rio and to other properties,in the last few weeks.
Maybe some of the mob boys from Chicago will buy the Rio and run it like a casino should be run. Remember the days from 70's and early 80's when the casinos were run by the mob. Make the people who own the Rio an offer they can't refuse!!
Finding a quality buyer for the RIO would be great and might bring back some of the independent feel. It used to be a really great place until Harrah's bought it. I used it for most everyone who came into town for business or pleasure trips, until it lost that magic it once had. I welcome someone who might restore it to a place that locals will recommend. And I don't consider it any more off the strip than the LV Hilton is.
Harrahs selling the Rio, MGM/Mirage is getting rid of Mirage to become MGM Resorts International (looks like someone is going to buy the Mirage, Phil Ruffin?). The Maloofs been partying at the Rio for years, you can't do blow at your own resort. I would like the Maloofs get Rio & Ruffin get Mirage while they have an agreement to have shuttles and gaming sharing info for their resorts.
WSOP to Ceasar's....about effin time!
Only business making any money in Las Vegas is the legal loan sharks
I doubt Colony Capital will be doing much buying after the staggering losses they are incurring, thanx to the Fertittas.
I was in the Rio the other night with some friends from out of town and the place was packed!! You coudln't find a table less than $15 or a seat for that matter and this was a Thursday night!! The Bevertainers were as hot as they ever were and everyone was having a great time. So I don't think it is because of lack of business, I think it just makes sense being that they have aquired Planet Hollywood and are trying to aquire The Palms which would replace the brand that the Rio offers thier guests.. It would give them some liquid interest free cash, but $500 million?? No Way in hell will they let it go for that.....
Rio is not contiguous to the Harrah's corridor, PH is. PH is a better fit.
I think Ruffin would do better to take Mirage than Rio.
As they say in real estate sales: Location, Location, Location.
Rio is a great property, doesn't get the foot traffic a strip location offers.
SMART MOVE THEY DON'T NEED THE RIO NOW THAT THEY HAVE PH...WAS AT THE RIO RECENTLY ..VERY BUSY BUT LOOKS TIRED...REMODEL THAT PLACE GIVE THE CUSTOMER A GOOD GAMBLE AND LOWER THE PRICE ON THAT BUFFET
If you buy it can you move it to China where it looks like everything else is going?
Just what we need Colony Resorts buying the Rio.
First they have Destroyed The Hilton 2nd they
are involved in this SHAM bankruptcy with Stations.
Their NJ casino holdings are in ruins too.
Take a hint,YOU ARE NOT CASINO MANAGEMENT !
Stick to Flipping office space.
Maybe Anthony Marnell III will buy his old dad's old casino back.
harrahs selling the Rio would be the best thing that could happen to that property and its employees.
I could see WSOP for a cross-Harrah's Properties platform. Better on better sell on hotel occupancy throughout its brand. Have tourneys on all properties then bracelet title tables at Cesaer's
Harrah's should keep the Rio and sell the rest.
haha...gmag39 is so in love with me that she has to post something against me at least once a day.
Ceasars is the worst place to have the wsop. Where would you put it and where would people park for easy access to get there??? The Rio was perfect because they had plenty of parking in the back and easy access to the pavillion. PH would be the only choice because it has more space. They shouid keep the rio and and make a killer water park like wet n wild on all that property they have in the back!!!
We just left staying at Harrahs, the room and service were great, the check-in sucked. They also had, what looked like Mexico vendors outside their front door, which ruined the whole atmosphere of being in a top place. Done that, won't again!
that Carnaval Court looks like a freakshow with all the homeless there as sideshows.
If Ceasars wants the whiney, spoiled little WSOP kids who live in their parents basement, play online poker and nintendo allday, and have not kissed a girl since the last time there mother tucked them into bed,
YOU CAN HAVE THEM. GOOD RIDDANCE!
We don't want them and we don't want Harrah's!