Harrah's May Be Looking To Sell Rio Casino In Las Vegas

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Harrah's Entertainment has been shaking up their casino business recently. First, the company bought Planet Hollywood in Las Vegas, and now there are rumblings that the company is looking to sell one of their other Las Vegas properties.

Harrah's has begun accepting bids for the Rio, and several investment companies have already shown interest. Harrah's is one of the most successful casino companies in the world, and they have survived despite a massive decrease in gaming revenue over the past several years.

Nevada is considered one of the top two gaming destinations in the world, but Las Vegas has seen a massive drop off in business during the economic recession. Many companies have had to rearrange debt in order to stay out of bankruptcy during this difficult economic time.

Harrah's went private back in 2008, and spent much of 2009 reorganizing their debt. The company recently has again started to make acquisitions, such as the Planet Hollywood facility in Las Vegas.

Another area where Harrah's is leading the industry into the future is online gambling. Harrah's has already set up a site that will be offering casino games to online players based in jurisdictions where Internet gambling is legal. Other gaming companies have been against online gambling regulations in the US, but Harrah's is embracing the move.

The Rio All-Suite Hotel & Casino is thought to be valued at around $500 million. The Rio is located behind Harrah's biggest Las Vegas casino, Caesar's Palace. The Rio gaming establishment has 1,100 slot machines, ninety gaming tables, and 2,520 rooms.

April 23, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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