Caesars Entertainment CEO Tom Reeg wanted to sell one of the company’s Strip properties long before he even became the casino operator’s top executive.
When Reno-based Eldorado Resorts announced in June 2019 that it was buying Caesars in a $17.3 billion transaction, Reeg – then Eldorado’s CEO – told analysts that nine resorts on or near the Strip were too many.
“That’s more Strip exposure than we would need to accomplish our goals with our regional database,” Reeg said at the time. “I would expect we would be a seller.”
Three months later, Caesars did Reeg a favor by selling the off-Strip Rio Resort to a New York real estate investment firm for $516.3 million. Caesars leased the property back from the new owner and is operating the hotel-casino through 2023.
