What’s the reason the Rio is Caesars' red-headed stepchild?
While it probably has a lot to with the Rio being Caesars Entertainment’s only off-Strip casino in Las Vegas, there are other possible reasons.
For one thing, capital maintenance (of the Rio or any other casino) was never a high priority during ex-CEO Gary Loveman’s tenure and the Rio got the worst of it. The paint on the exterior has been peeling in long strips for over a decade and Caesars doesn’t seem motivated to do anything about it. Same for other obvious maintenance issues.
Loveman also put the Rio on the market several times during his tenure, but could never find a taker for his rumored half-billion-dollar asking price. The Rio’s fixer-upper condition might have had something to do with that.
It doesn’t sound like new CEO Mark Frissora has made the Rio a priority item yet either, even though he’s announced a stronger commitment to the company’s Vegas properties.
Caesars treats the Rio as its token locals casino these days, but there’s an upside: You can still park for free. After all, think of the customers it might lose to the Gold Coast or Palms if it started imposing paid parking.
Also, let's not forget that the World Series of Poker is played at the Rio every year. So the property might be a stepchild, but perhaps it's a little more fair-haired than the typical animated Cinderella.
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Dan McGlasson
Mar-26-2018
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Mar-26-2018
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James Z
Mar-26-2018
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