Caesars Entertainment Corp. has got clearance from the Federal Trade Commission for the sale of its Rio All-Suite Hotel and Casino to a New York-based real estate group.
Caesars announced last month that it has entered into an agreement to sell Rio All-Suite Hotel and Casino to a company controlled by a principal of Imperial Companies of New York City for $516.3 million.
The hotel and casino resort’s new owner will lease it back to Caesars for at least two years. Under their lease agreement, Caesars will pay $45 million in annual rent.
While the FTC clearance is an important step towards the finalisation of the deal, it also needs shareholder and regulatory approval from Nevada casino regulators.
