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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

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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James O’Kelly Appointed Head of Corporate Development at SolutionsHub

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SolutionsHub is pleased to announce the appointment of James O’Kelly as Head of Corporate Development, a newly established role that underscores the company’s commitment to strategic growth, innovation, and excellence in client service.

Since joining SolutionsHub, James has been instrumental in driving key initiatives across the organization. Over the past 18 months, James has headed high-impact growth intiatives, managed treasury and led sucessful licensing for clients. His contributions have also extended to representing SolutionsHub on the international stage, enhancing the company’s global presence.

In his new role, James will take the lead on a range of high-impact strategic initiatives in close collaboration with the Board of Directors. His primary focus will be on identifying and cultivating key partnerships, as well as spearheading the development of innovative product lines that align with the company’s long-term vision. To fully dedicate his efforts to these forward-looking priorities, James will be transitioning responsibility for day-to-day operations and compliance to other senior members of the leadership team. This shift will enable him to concentrate on shaping the company’s future growth trajectory and ensuring its continued success.

“James has consistently demonstrated outstanding leadership and a deep understanding of our business and industry,” said Lee Hills, CEO of SolutionsHub. “His appointment as Head of Corporate Development is a natural evolution that aligns with our long-term strategic goals and further reinforces the strength of our leadership team.”

James will continue to play a pivotal role in advising and supporting clients through increasingly complex regulatory, licensing, and jurisdictional considerations. Leveraging his extensive experience and strong track record of delivering innovative, compliant, and forward-thinking solutions.

 

The post James O’Kelly Appointed Head of Corporate Development at SolutionsHub appeared first on European Gaming Industry News.

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Week 19/2025 slot games releases

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Here are this weeks latest slots releases compiled by European Gaming

CryptoSlots, a leading cryptocurrency casino, is celebrating its 7th birthday this May with exciting new game launches and player rewards. To mark the occasion, CryptoSlots is unveiling a brand-new slot: Safari Sunsets, taking players on a breathtaking journey through the African savannah at golden hour. With swaying acacia trees, and a sky glowing in sunset hues of orange and purple, the game immerses you in the wild beauty of the grasslands. Majestic animals like zebras, lions, buffalos,and the powerful elephant Scatter symbol bring the reels to life!

PG Soft has unleashed its latest big-hitting title, Knockout Riches. The new addition is a 5-reel (1 to 3 rows in reel 1 and 5, 4 to 20 rows in reels 2, 3 and 4) slot that delivers an action-packed slot experience with grit, determination, and big rewards. Ruby, known as the ‘Flaming Rose’, steps into the ring as a rising star in the boxing world whose fists must do the talking.

Relax Gaming, the iGaming aggregator and supplier of unique content, is challenging players to tame Fang the dragon in its fiery new release, Fang’s Inferno. The dragon with an insatiable appetite for riches returns in this 5×4 slot where big wins can come via Blazin’ Wilds, Flamin’ Respins, Fang’s Bonus Picks, Fiery Free Spins and Fang’s Bonus Picks.

FBMDS is thrilled to announce the launch of its newest slot game of Asian inspiration – “Panda Treasure – Sublime Series”. This is the inaugural title in its ambitious plan to reinvent its slots portfolio with new, rewarding online casino game releases throughout the year, that speak to different players’ profiles and competitive operator’s demands. The release of a new slot game aligns with FBMDS’s 2025 narrative, focusing on market expansion, innovation, and leadership in key iGaming segments.

Spinomenal has released its latest game to join the Wildlife series, Majestic Silverback. Players are welcomed to the untamed, lush jungle for an adventure. Verdant fauna surrounds the 5×3 reel frame, brought to life by an array of jungle animals, including jaguars, parrots, crocodiles, and iconic silverback gorillas.

Push Gaming has launched Olympus Unleashed, a futuristic take on a mythological-themed slot that combines the timeless appeal of classic slots with bold, modern gameplay. Created for players who enjoy the familiar rhythm of traditional titles but crave something fresh, Olympus Unleashed delivers a compelling blend of nostalgia and innovation.

Play’n GO’s latest 6×4 slot, Crabby’s Gold, washes ashore with gold-grabbing mechanics, evolving Wilds and a crustaceous companion who’s got more attitude than treasure maps. Set in a sun-bleached pirate cove where coins glint beneath the waves, Crabby’s Gold brings comic chaos to the high seas. With its curmudgeonly mascot Crabby hoarding multipliers and heckling from the reels, this 4096-ways slot isn’t just another maritime theme – it’s a tidal wave of personality.

Inspired Entertainment, Inc., a leading B2B provider of gaming content, systems, and solutions, is thrilled to announce the release of Piggy Winner™ – a pig-themed descendant of Inspired’s popular omni-channel slot Gold Winner™. This 10-win line slot game is packed with thrilling features including Wild Symbols, Cash Collecting Free Spins, a gamble option and Fortune Spins mode, designed to deliver slick gameplay and endless excitement.

Booming Games turns up the temperature with Inferno Fortune Power Hit, the explosive first title in the brand-new Power Hit Series. Set on a blazing 6×4 grid with 4096 ways to win, Inferno Fortune Power Hit is designed for players who crave nonstop action and high win potential. At the core of the game lies the powerful Power Hit feature, which can be triggered in both the base game and Free Spins.

 

The post Week 19/2025 slot games releases appeared first on European Gaming Industry News.

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ELA Games Receives Key Nomination at EGR Marketing & Innovation Awards

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The studio is shortlisted for the “Brand of the Year – B2B” category

ELA Games, an innovative game development studio, has been shortlisted for the “Brand of the Year – B2B” category at the upcoming EGR Marketing & Innovation Awards 2025.

The EGR Marketing & Innovation Awards is an event that celebrates key figures and innovative brands within the iGaming industry. The ceremony recognises companies that demonstrate commercial success through game-changing creativity and contributions to the improvement of the industry. It gathers the brightest and most influential minds to reward those who have helped the online gaming sector grow.

ELA Games’ nomination for the “Brand of the Year – B2B” category highlights the company’s efforts in creating a portfolio that balances operator-centric growth with player-friendly gaming experiences. The studio has demonstrated a commitment to helping operators improve player acquisition and retention metrics through data-backed performance, making it a beneficial partner.

Marharyta Yerina, ELA Games’ Managing Director, commented on the nomination, “The ELA Games team is proud to receive a nomination for a significant category at a prestigious event. We’ve made considerable strides in 2025 to develop our portfolio and create games that both help operators grow and provide fun for players. We look forward to networking with all our peers at the ceremony, and congratulations to all nominees!”

The EGR Marketing & Innovation Awards 2025 will take place on June 19, 2025, at The Mermaid, London. The ELA Games team will attend the ceremony for a night of excitement, networking, and celebration.

The post ELA Games Receives Key Nomination at EGR Marketing & Innovation Awards appeared first on European Gaming Industry News.

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