Caesars Entertainment said Thursday it will resume operations at Rio Resort in Las Vegas on Dec. 22, although its 2,522-room hotel would only be open on weekends.
Company CEO Tom Reeg said a week ago during Caesars’ third-quarter conference call that the Rio would reopen before the end of the year. The property is the last of the company’s resorts in Las Vegas to reopen following the March 18th shutdown of gaming in Nevada due to the coronavirus pandemic.
The Rio will also be the last of Caesars’ 54 properties in 16 states to reopen under COIVD-19 health, safety, cleaning, and social distancing protocols.
Caesars operates the off-Las Vegas Strip property under a management contract with a New York investment firm.
“The past nine months have been filled with challenges, as well as opportunities including the merging of (Caesars and Eldorado Resorts) to form the new Caesars Entertainment,” Caesars President Anthony Carano said in a statement. “We recognize the incredible effort it has taken to reopen our resorts and get us to this important milestone, and we look forward to welcoming our team members and guests back to Rio with their health and safety still top of mind.”
Caesars said the Rio gaming floor would be open seven days a week. The casino will also offer a newly branded William Hill Sports Book. Several restaurants, bars, lounges, and other amenities will reopen on Dec. 22.
Caesars also announced that comedy-magic duo Penn & Teller would return to their theater at the property, although an opening date has yet to be determined.
Caesars, while it was preparing for its $17.3 billion merger with Eldorado, sold the Rio for $516.3 million to Dreamscape Companies. Caesars I operating the Rio under a two-year lease agreement, paying Dreamscape $45 million in annual rent.
While the plans call for the Rio hotel to be open Thursday afternoon through Monday morning, Caesars said the property will accommodate hotel reservations seven days a week starting Dec. 23 through Jan. 3, 2021.
Other Strip resorts have curtailed or closed midweek operations, including Encore at Wynn Las Vegas, Palazzo – operated by Las Vegas, and Park MGM. Several off-Strip properties remain closed in Las Vegas, including the off-Strip Palms, which is operated by Red Rock Resorts, and Boyd Gaming’s Main Street Station in downtown Las Vegas.
In Las Vegas, Caesars operates Caesars Palace, Flamingo, Harrah’s, Paris Las Vegas, Bally’s Las Vegas, The LINQ, Planet Hollywood, and The Cromwell. Attractions include The LINQ Promenade, High Roller Observation Wheel, FLY LINQ, and Eiffel Tower Viewing Deck.
Reeg, during the conference call, expressed a bullish tone toward Las Vegas.
“When we get into a post-COVID world, the pent-up demand for gaming and Las Vegas, in general, will be beyond your wildest dreams,” Reeg told gaming analysts. “We’re not talking about shutting down properties. We’re reopening additional properties.”
He also provided cash flow totals for the company’s Las Vegas properties since the resorts reopened on June 4 following Nevada’s 78-day gaming closure due to the pandemic.
Starting in July, Reeg said cash flow was $10 million for that month, $16 million in August, $34 million in September, and is pushing $50 million for October, which is still being calculated. He noted October numbers included the operating costs involved in keeping Planet Hollywood, The Cromwell and Rio closed during the quarter and just a few weeks of operations from Bally’s Las Vegas.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
