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Caesars Entertainment Announces Sale of the Rio to Company Controlled by a Principal of Imperial Companies
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Caesars Entertainment Corporation, one of the world’s most diversified casino-entertainment providers, announced it has signed an agreement to sell the Rio All-Suite Hotel & Casino (the “Rio”) to a company controlled by a principal of Imperial Companies (the “Buyer”) for $516.3 million, which implies a strong sales price to EBITDA multiple.
Under the terms of the agreement, Caesars will continue to operate the property pursuant to a lease for a minimum of two years and pay annualized rent of $45 million. The Buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term and at the request of the Buyer, Caesars may continue to manage Rio or may provide transition services to the Buyer.
“This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties and is expected to result in incremental EBITDA at those properties,” said Tony Rodio, CEO of Caesars Entertainment. “The retention of the World Series of Poker and retention of Caesars Rewards customers are all factors that make this a valuable transaction for Caesars.”
The agreement allows for co-ownership of Rio-specific guest data and places no restrictions on Caesars’ marketing activities. The Rio will continue to be part of the Caesars Rewards network during the lease term, and the transaction is not expected to result in any changes to the guest experience. The World Series of Poker will be hosted at the Rio in 2020 and hosting rights will remain with Caesars Entertainment thereafter.
Further details on the transaction are available in the Form 8-K to be filed with the Securities and Exchange Commission. The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approvals and other customary closing conditions.
About Caesars Entertainment:
Caesars Entertainment is one of the world’s most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company. Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions. Caesars Entertainment’s resorts operate primarily under the Caesars®, Harrah’s® and Horseshoe® brand names. Caesars Entertainment’s portfolio also includes the Caesars Entertainment UK family of casinos. Caesars Entertainment is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. Caesars Entertainment is committed to its employees, suppliers, communities and the environment through its PEOPLE PLANET PLAY framework. For more information, please visit www.caesars.com/corporate.
Forward-Looking Statements
This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts and by the use of words such as “expect,” “intend,” “may,” “continue,” “subject to,” and “will,” or the negative or other variations thereof or comparable terminology. These forward-looking statements are based on current expectations and projections about future events.
You are cautioned that forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that cannot be predicted or quantified and, consequently, the actual performance and results of Caesars may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: the fact that the transactions contemplated by the purchase and sale agreement may not be completed on the terms contemplated or at all as they are conditioned upon receipt of regulatory approvals, counterparty lender and holder consents, other third-party approvals and other conditions; potential adverse reactions or changes to business, customer, management or employee relationships, including those resulting from the announcement or completion of the contemplated transactions; the possibility that the anticipated operating results and other benefits of the contemplated transactions are not realized when expected or at all; shutdown costs or transition costs at the end of the Lease Period; local risks including proximate competition, potential competition, customer retention, legislative risks, and local relationships; risks associated with increased leverage from the contemplated transactions, including the risk of non-payment by counterparty borrowers; and other factors described from time to time in our reports filed with the Securities and Exchange Commission.
You are cautioned to not place undue reliance on these forward-looking statements, which speak only as of the date of this filing. Caesars undertakes no obligation to publicly update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this filing or to reflect the occurrence of unanticipated events, except as required by law.
Source: Caesars Entertainment Corporation
Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Caesars Entertainment Announces Sale of the Rio to Company Controlled by a Principal of Imperial Companies
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Tom Horn Gaming is expanding its portfolio with the release of 243 Zeus Fruits, a slot that combines two proven player favourites – fruit slots and Greek mythology. The game delivers short feature cycles, multipliers, and higher stakes through the supplier’s QuickX mechanic.
Set against the backdrop of Mount Olympus, 243 Zeus Fruits blends the familiar symbols of a classic fruit slot with the power of Zeus. Players can enjoy 243 ways to win, with medium volatility, an RTP of 95.02, and maximum exposure of x100. The Wild 243 Respin feature frequently triggers wins, adding multipliers of up to x5 to maintain engagement and replayability.
The inclusion of QuickX encourages higher bets and appeals to bonus hunters and high-value players, while the game’s mobile-first design ensures smooth play across all devices. These elements combine to offer a straightforward, fast-paced slot that suits a wide range of players.
“243 Zeus Fruits continues our strategy of refreshing proven themes with features that increase both player enjoyment and operator returns,” said Ondrej Lapides, CEO at Tom Horn Gaming. “The mix of classic fruit game with a mythological layer provides familiarity with added depth, while QuickX is expected to contribute to longer sessions and higher average revenue per user.”
Targeted at markets across Europe and further afield, 243 Zeus Fruits offers strong cross-sell potential, appealing to a broad audience from fans of traditional fruit slots to players drawn to narrative-based titles. Its combination of simplicity, speed, and modern features positions it as a versatile addition to casino lobbies worldwide.
243 Zeus Fruits will be available to operators worldwide from 28 October.
The post Fruits meet Gods in Tom Horn Gaming’s latest release, 243 Zeus Fruits appeared first on European Gaming Industry News.
Latest News
Discipline Meets Drive: Kyrylo Korobka from Ready To Fight Joins GR8 Tech’s Bet It Drives
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Lisbon’s streets set the pace for Season 2 of GR8 Tech’s Bet It Drives—the drive-time podcast where iGaming’s sharpest voices speak freely, in motion. Hosted by Yevhen Krazhan, Chief Sales Officer at GR8 Tech, Episode 3 spotlights Kyrylo Korobka, Executive Director at Ready to Fight by Oleksandr Usyk, for a candid ride through the intersection of boxing, technology, and business execution.
Korobka leads operations at RTF, the ecosystem co-founded by the heavyweight champion Oleksandr Usyk on a mission to digitize boxing. Before, he had a career in international corporations and held a CMO role within a major crypto project. He has helped steer large-scale events and partnerships, including the Usyk vs. Dubois blockbuster, while advancing new tech initiatives like a cross-border payments solution and federation partnerships for the next generation of fighters.
During the ride, Kyrylo opens up about:
- His role as Executive Director of Ready to Fight
- Co-organizing a major fight for Oleksandr Usyk and overseeing broadcast, marketing, and operations
- Partnering with boxing federations and the mission to digitize boxing for the next generation
- His path from international corporations and a crypto CMO role into sports business
- Why his day-to-day is more “business” than “sport”
- What it’s like working with a superstar like Usyk and meeting other legendary athletes
- A standout partnership: Queensberry Promotions (founded by Frank Warren)
- How his view of iGaming evolved beyond “just casino”
- Learning from setbacks: treating failures as lessons and not repeating mistakes.
- His #1 “champion rule”: discipline and consistency at every stage.
“Boxing at the elite level is discipline, preparation, and execution—exactly how winning platforms are built,” said Yevhen Krazhan, CSO at GR8 Tech and host of Bet It Drives. “Kyrylo shows how Ready to Fight thinks like a tech company: digitize the sport, empower the community, and move fast with the right partners. That’s the GR8 way: performance first, innovation always.”
It’s been almost a year since GR8 Tech started its partnership with Ready to Fight. As RTF’s exclusive Partner in Tech, GR8 Tech brings a scalable, high-performance sportsbook and iGaming platform, top event coverage, smart margin management, and a geo-specific approach, while RTF channels champion-level vision to digitize boxing for fighters and fans. Together, they’re rolling out exclusive sports fashion drops, new features, and digital activations to bring the boxing world closer through great tech.
Watch or listen to Season 2, Episode 3 with Kyrylo Korobka on:
Season 2 of Bet it Drives launched with Rasmus Sojmark and kept pace with Tiago Pereira. The podcast continues with the upcoming episode featuring Kelly Kehn.
The next chapter of iGaming belongs to champions who play smart and bold. Meet GR8 Tech at booth 5028-2 during SiGMA Central Europe 2025 in Rome, November 3–6, and discover the Heavyweight Rulebook built for operators ready to scale, localize, and win.
The post Discipline Meets Drive: Kyrylo Korobka from Ready To Fight Joins GR8 Tech’s Bet It Drives appeared first on European Gaming Industry News.
Reading Time: 2 minutes
The International Association of Gaming Regulators (IAGR) has announced the winners of the IAGR International Regulatory Awards 2025, with regulators from Australia, Nigeria and Denmark taking home trophies during the IAGR Toronto conference.
IAGR President Ben Haden, who served on the judging panel, said this year’s winners demonstrate measurable progress and sustainable outcomes.
‘Our judges looked for clear problem definitions, robust interventions and evidence of impact. The 2025 winners show how thoughtful reforms, strong governance and targeted education can improve consumer protection and market integrity over the long term,’ said Haden.
- Regulatory Excellence Award: NSW Independent Casino Commission (Australia)
For leading a three-year, milestone-driven remediation of Crown Sydney following the Bergin Inquiry — eliminating junkets, strengthening financial-crime controls, enhancing harm-minimisation and reforming governance.
- ‘The NSW Independent Casino Commission is proud to be recognised for its dedication to restoring the expected standards at Crown Sydney. This has included three years of intense remediation which has completely transformed the casino’s governance, culture, safety and compliance functions.
- ‘The NICC has proven that it is possible to enact long lasting change and in doing so has set a new standard for Australian casino operations.’ – Murray Smith, Acting Chief Commissioner, NSW Independent Casino Commission
- Regulatory Innovation Award: Lagos State Lotteries and Gaming Authority (Nigeria)
For SAFEPLAY, Africa’s first regulator-led, multi-operator self-exclusion platform — centrally managed by the regulator and integrated with operator systems — creating a consistent, replicable model for consumer protection.
- ‘We are honoured to receive the IAGR Regulatory Innovation Award for our SafePlay initiative. This recognition reaffirms our commitment to responsible gambling, player protection, and data-driven regulation that puts the welfare of Lagos residents at the heart of our innovation.’ – Bashir A. Are, Chief Executive Officer, Lagos State Lotteries and Gaming Authority
- Best regulatory campaign: Danish Gambling Authority (Denmark)
For an interactive, school-based education programme that engages young people with practical demonstrations and surveys evidencing shifts away from gambling ‘to make money’ towards safer play and awareness of help services.
- This marks the second consecutive year that the Danish Gambling Authority has received the Best regulatory campaign award. ‘I’m very proud that IAGR has bestowed The Danish Gambling Authority with this award. It’s crucial that young people understand that gambling is designed so the player always loses in the long run. By conveying this message, we hope to promote a balanced attitude toward gambling and I’m extremely honoured that our efforts are recognised internationally.’ – Anders Dorph, Director, Danish Gambling Authority
These awards underscore the importance of collaboration, innovation and dedication in the global regulation of gambling.
The post IAGR announces winners of 2025 Regulatory Awards appeared first on European Gaming Industry News.
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