WSOP To Move Location?

29th April, 2010

The World Series of Poker (WSOP) could be taking place in a new venue in 2011. This is because after some strong suggestions amongst investors, the Rio which is owned by Harrahs and currently hosts the WSOP, could be sold off by Christmas.

The company is seriously contemplating the sale of the Rio due to its off-strip location and the all suites room allocation doesnt fit in with their corporate strategy. It is thought that the 89 acre property in Nevada is making approximately $85million in profit per year and it is thought that the propertys sale price is likely to be in the region of $520million.

If the sale does go ahead as planned, Harrahs is most likely to move the World Series of poker to Caesars Palace. There were rumours of the same move back in 2008 but they were mooted as they believed that room occupancy rates could be maximized by keeping the two month long event at the Rio.

The 2010 event is to remain at the Rio and begins on May27th through until July 17th. There will be 57 coveted gold bracelets up for grabs in the tournament.

The sale of the hotel would help Harrahs pay off its huge debt mountain of $5.5billion which needs to be paid off by 2015. Starwood Capital Group and Colony Capital have cast an eye over the Rio in addition to other Las Vegas casino owners have shown an interest. At the peak of the market Harrahs wouldve expected to make approximately $1billion for the property, however the recession has his Vegas hard so half of that figure is more likely.

The Rio was acquired by Harrahs in 1998 and is the only one of their ten Las Vegas casinos that is not located on the Strip.

By Carol

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