- Legal States
Mathilde Adam November 13, 2020 3 min read
Caesars Reopens Rio Resort in Las Vegas, Last of 54 Properties
Caesars Entertainment said on Thursday it will reopen the Rio Resort in Las Vegas on December 22, albeit the hotel will only operate on weekends.
Last Casino To Reopen
Casino operator Caesars Entertainment announced on Thursday the reopening of its off-Strip Rio All-Suite Hotel-Casino in Las Vegas on December 22.
The 2,522-room hotel-casino closed on March 18 due to the Covid-19 lockdown in Nevada. It is Caesars’ last of 54 properties to reopen under health and safety measures. CEO Tom Reeg announced during Caesars’ Q3 conference last week that the Rio was set to reopen before the end of 2020.
Although the hotel will only be open on weekends, the gaming floor is expected to welcome visitors seven days a week. Restaurants, bars, and other gaming facilities will also reopen on December 22. The casino will feature a new William Hill-brand sportsbook.
Hotel reservations will be available all week from December 23 to January 3, 2021, while the hotel will welcome visitors from Thursday afternoon through Monday morning.
“Incredible Effort” From Caesars
Prior to its $17.3 billion merger with Eldorado Resorts, Caesars sold the Rio to a company affiliated with Dreamscape Companies for $516.3 million in December 2019. As part of the deal, Caesars will continue to operate the resort for two years and pay an annualized rent of $45 million. Caesars will receive $7 million if the buyer decides to extend the contract to a third year, under the same conditions.
In a statement, Caesars President Anthony Carano recognized the effort made by the company and staff to reopen all resorts across 16 states, while dealing with the pandemic and the mega-merger with Eldorado. Caesars is ready to welcome its teams and guests back to the Rio, while following health, safety, cleaning, and managing protocols, he added.
Many casinos on the Strip do not operate during the middle of the week, while some off-Strip properties have yet to reopen their doors to customers.
Caesars’ Las Vegas operated properties are Caesars Palace, Flamingo, Harrah’s, Paris Las Vegas, Bally’s Las Vegas, The LINQ, Planet Hollywood, and The Cromwell. Attractions include The LINQ Promenade, High Roller Observation Wheel, FLY LINQ, and the Eiffel Tower Viewing Deck.
Additional Properties in Las Vegas Post-Pandemic
Mr. Reeg suggested the opening of new properties in Las Vegas once the pandemic is over, as demand for gaming options keeps growing in the city.
Cash flow in July was $10 million, while August and September saw increases, reaching $16 million and $34 million, respectively. October‘s cash flow is expected to total nearly $50 million.
However, the numbers for October included the operating costs involved in keeping three casinos closed during the third quarter – Planet Hollywood, The Cromwell and Rio. Bally’s Las Vegas only operated for a few weeks that month.