Rio Hotel is SOLD to Investor Group... as predicted!

[Slotspert]

The Rio Hotel, the CET orphan of the mega-chain, is SOLD to a real estate group in New York for about $500 million.
As predicted, this is the start of the unloading of CET properties.... more to follow... next will be the Lake Tahoe (Harveys) if my prediction is accurate.... I expect the "timeshare" route for the Rio property as happened to the old Las Vegas Hilton (now Westgate) as the room size can warrant that kind of upgrade..Slotspert

[nighthawk66]

so you dont think they will build a baseball stadium there?

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[Penguin]

CET to run RIO as casino for next 2years. Will pay $45MM per year rent.

[zeus]

so you dont think they will build a baseball stadium there?

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That is probably their plan, but to get a major league team moved there would take some times, so in the meantime they may as well collect some rent.

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[kdk]

I don't think it will be just a baseball stadium, that's a huge number for anyone to pay just to tear everything down. A stadium deal just wouldn't pencil out.

I'm certain it will remain a casino and hotel in some form. The company who bought it buys underutilized, distressed properties and improves them. There's actually plenty of land on the north and east side of the property that's just parking and a huge underutilized convention center. A baseball stadium could fit there and they could still keep the casino and hotel. I suspect they will improve upon what they have up front, and add something to the rear, if not a stadium then could be timeshares, apartments, etc.

[dvandentop]

Dang where am i going to go now to get lysteria in Vegas hhh