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Caesars Entertainment completes sale of the Rio to Dreamscape for $516.3 million6 December 2019 A Caesars subsidiary entered into a lease with the Buyer under which Caesars will continue to operate the property for a minimum of two years and pay annualized rent. (photo by Flickr) In connection with the completion of the sale, a Caesars subsidiary entered into a lease with the Buyer under which Caesars will continue to operate the property for a minimum of two years and pay annualized rent of $45 million. The Buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term and at the request of the Buyer, Caesars may continue to manage the Rio or may provide transition services to the Buyer. The Rio will continue to be part of the Caesars Rewards network during the lease term, and the transaction is not expected to result in any changes to the guest experience. The World Series of Poker will be hosted at the Rio in 2020 and hosting rights will remain with Caesars Entertainment thereafter. Further details on the transaction are available in the Form 8-K to be filed with the Securities and Exchange Commission. |