Caesars update on Rio casino sale

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In a milestone quarter for Caesars Entertainment the group saw a purchase agreement for the sale of the Rio casino in Las Vegas for $516m.



It also reports expanded sports betting offers in two new states and rounded it all off with a report of strong performance in its third quarter.

The group reported net revenues up 2.3 per cent to $2.2bn but a loss from operations of $68m. Said Tony Rodio, CEO: “We have delivered solid financial results with net revenue growth despite headwinds across our portfolio. Revenue was driven up by Las Vegas with increased consumer demand and strength in the hotel business.”

It was in September that Caesars announced an agreement to sell the Rio and it is expected to close by the end of this year. Caesars will continue to operate the venue for at least two years under a lease agreement. Rodio also reported that the proposed merger with Eldorado Resorts has made progress and it is on track to close in the first half of next year.

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The net revenues for each operating segment saw Las Vegas up by 6.9 per cent, other US venues down by 0.5 per cent and all other venues down by four per cent. The latter, he said, was primarily due to lower gaming volumes in the UK.

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