There are a couple of news items that have come out of Las Vegas in the last week (and one that’s floating around from a couple of weeks ago) that have inspired a lot of misinformation on travel forums. Since we’re here to provide valid information and guidance, we figured we’d give you a quick rundown on four such sources of dismay.
- Eldorado Resorts hasn’t bought Caesars Entertainment yet; that transaction won’t close until next year.
- The Rio All-Suites Hotel and Casino has been sold through a lease-back deal, and nothing will change for patrons for at least two years as a result of this transaction.
- The Hard Rock Hotel in Las Vegas is still open and operating; the closure to convert to a Virgin Hotels venue won’t be until early 2020
- The Hooters Hotel and Casino has already cut over to its new branding under the India-based On Your Own (OYO) brand.
Now for some details.
Eldorado Resorts Acquiring Caesars Entertainment
Eldorado Resorts has announced that they plan to acquire Caesars Entertainment for over $17 billion, with the deal closing in early 2020 (closer to January 1 than June 30 according to Eldorado’s CEO in the August earnings call).
What this means is that, for now, Caesars remains Caesars. Anything you like or don’t like about the property, the casinos, the brand, the Caesars Rewards loyalty program, or anything of the sort has absolutely nothing to do with this future transaction.
It’s expected that the combined company will operate under the Caesars name next year after the transaction closes. This means we expect Caesars Rewards to continue, most of the Strip hotels currently operated by Caesars to continue to do so, but other changes are likely to happen.
There are a lot of rumors about Caesars selling off properties on the Strip or elsewhere. Aside from the next story, which is almost under that category, there’s nothing firm and lots of speculation.
Rio Sale to Imperial Companies with Leaseback Deal
Caesars Entertainment is selling the Rio All Suites Hotel to Imperial Companies for $516 million. They will rent the property back and continue to operate it for two years, with the developers having an option to extend the agreement for a year beyond that.
Based on this and related news (like the World Series Of Poker returning to Rio in 2020), we don’t expect it to be torn down or turned into a sports stadium, as had been rumored. It also means that your Caesars Rewards program will still apply there for at least another two years.
Hopefully the cash infusion from Imperial will give Caesars some money to refresh the Rio, but for now you should be able to expect at least what you’ve experienced there. That means 2-3 more years of the Penn & Teller Theatre (and “Fool Us”) as well as other regular attractions including comedy, World Series of Poker, and more.
Hard Rock Hotel Converting To Virgin
Sir Richard Branson’s Virgin Hotels brand has purchased the Hard Rock Hotel in Las Vegas. Renovation and rebranding will begin in February 2020, with the hotel closing for about 8 months to complete the changes.
Until February, though, the Hard Rock Hotel remains open as it has been for years. A new exhibition of memorabilia is opening tomorrow (September 27) even, so they’re not fading away, and you still have four months or so to make a final visit before the metamorphosis.
And the Hard Rock Cafe and Hard Rock Live on the Strip should be unaffected by this transition, other than fewer tourists showing up at the restaurant hoping to get a room.
Hooters Hotel Converted To OYO
India’s On Your Own hotel company recently acquired the Las Vegas Hooters Hotel and Casino, as predicted by Vital Vegas a couple of months ago.
They showed the signage changes on September 16th on Twitter, and word is that Hooters Restaurant will move to the Strip, probably with a branded section of an existing casino.
Wrapping it up
Remember that, as Abraham Lincoln said, you can’t believe everything you see on the Internet. Before taking anyone’s word on changes in Vegas (including ours), put 30 seconds into Google and make sure what you’re hearing is correct.