The WSOP home Rio Casino has been sold for $516.3 million to Impersonal Companies, a New York-based real estate company.
The long-standing home of the World Series of Poker is changing hands but will still be run by former owners Caesars.
Ceasars will pay $45 million rent per year for the next two years to continue to operate the property. There is also an option for a $52 million deal for a third year.
What Happens to the WSOP?
The big question on everybody’s lips is what will now happen to the World Series of Poker. The game’s biggest and most prestigious festival has been held at the Rio since 2005. Rumours are now swirling around that this might change in the future.
While many love a good rumour, in this case it looks like not a lot will change. At least for the next few years, for a few different reasons.
WSOP Vice President of Corporate Communications Seth Palansky recently gave an interview to explain why there is no reason for anything to change.
Can 100% confirm @WSOP will take place at the Rio in Las Vegas in 2020
— Seth Palansky (@SethPalansky) September 14, 2019
If it ‘Ain’t Broke Don’t Fix it
The first point to note is that Caesars Entertainment will retain control of the WSOP brand. They have had ample opportunity to organise a new venue and it was never heard that a change was being mooted.
The other problem is finding another home for 62 days straight. While Las Vegas certainly isn’t short of suitable properties, the WSOP circus isn’t an ideal client.
Palansky explains how in the convention business operators make more money getting you in and out in three to four days.
Another piece of good news for fans of the Rio is that the WSOP 2020 has just been confirmed as staying put. With a potential three-year deal in place to keep control of the casino, Caesars don’t look to be shopping around for changes.
Why a Change of Venue Could Still Happen
Even with so many reasons why the Rio will remain as WSOP host, nothing is certain. We only have to look at the deals done this year.
Firstly, Caesars itself underwent a merger with Eldorado Resorts Inc. This will not be a legally closed deal until the regulators are done examining everything next year.
The ratification of the sale to Impersonal Companies will also not be done until after the New Year.
This all means that much can change in the meantime. New execs will always be on the lookout to make changes as they see fit.
There is also the construction of the new Caesars Forum – a $375 million, 550,000 square-foot conference center. It has already been spoken of on Twitter that this should at least be considered as a possible venue.
Much can change in the near future, but from what we have seen the underlying feeling is that is will not.
A change to a more modern setting would provide at least some excitement to players. So it isn’t as if anything too negative is on the horizon.
As it stands, we will be back at the Rio next year and waiting for more concrete news on the coming years.
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