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Rio sale????

Discussion in 'Casino Industry & Development' started by Molder66, Dec 15, 2014.

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  1. Molder66

    Molder66 Low-Roller

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    [​IMG]

    Just saw this tweet from vital
     
  2. Grid

    Grid VIP Whale

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    CET has been trying to dump Rio forever. And with their cashflow problems I'm sure there was a fire sale on it. Why anyone would think the WSOP is owned by Rio is silly to me. CET bought out the Horseshoe to lay claim to it. They just set it up at Rio.
     
  3. dmr

    dmr Registered Abuser

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    Hope this does not mess up our reservation next week!
     
  4. DReynolds86

    DReynolds86 Come On, You Blues!

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    Glad I switched my reservation to Harrah's then.
     
  5. leo21

    leo21 VIP Whale

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    Why? It would take probably three months minimum (and it's usually longer) for the sale to close. If the bankruptcy is contentious, the sale could get hung up in court fights, too.
     
  6. waverunner

    waverunner BBHMM

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    Well, as Robert DeNiro would say......"looks like i'm walking".
     
  7. dmr

    dmr Registered Abuser

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    I was reading a news article today saying that the CET "bankruptcy" is just a pre-arranged business move and to not expect any closures or major changes in the near future. There was a sidebar items about layoffs being few and evenly-distributed amongst the properties.
     
  8. wanker751

    wanker751 Dutch Rudder Enthusiast

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    Hopefully if it is sold it would breathe some life and energy into the place.
     
    Downtown - Wanker Returns after baby!
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  9. NickPapageorgio

    NickPapageorgio OG of the Sal Sagev Hotel

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    Purchase the naming rights, rename it the Stardust, bring back the vintage signage, remodel the casino and install the biggest sportsbook in Vegas.

    Nick:beer:
     
  10. leo21

    leo21 VIP Whale

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    There are creditors fighting the bankruptcy plan. There should be enough that use to make this messy. It probably won't affect operations immediately but selling of assets will be scrutinized.
     
  11. DReynolds86

    DReynolds86 Come On, You Blues!

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    Can CET be forced by the bankruptcy court to sell off assets in order to pay off its creditors? Like could they be made to sell Rio, Planet Hollywood, etc?
     
  12. Kickin

    Kickin Flea

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    Sure. Especially if it is put into receivership, which some big creditors are pushing for right now. But even for the receiver it will be complicated because most of these assets are specifically pledged to certain loans but then there are cross-guarantees at the parent level as well. Ultimately though the receiver has a lot of power to decide on their own.
     
  13. bobby jones

    bobby jones Low-Roller

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    Yep definitely complicated with their structure. In simple terms, The Rio may be worth $x which helps creditor A if liquidated but, creditor B may have only Rio as collateral on its loan so it will not let Creditor A force a liquidation or Creditor B may be further up the food chain in terms of seniority so any sale proceeds would only go to Creditor B leaving nothing for Creditor A, C, D, E....

    It's definitely more complicated than you and me with mortgage and a credit card if things go south.
     
  14. Auggie

    Auggie Dovahkiin

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    People have been announcing The Rio as for sale and even sold more than a few times over the years... I'd wait until there was something actually official,
     
  15. leo21

    leo21 VIP Whale

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    That's how Hooter's changed hands. There's another one like that - maybe the Riv?
     
  16. Kickin

    Kickin Flea

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    Riviera (both the property and the mgmt company) went to its creditors after bankruptcy a few years ago. I think my brother's old firm had some part in that, not his group or area of focus but I remember him mentioning they were involved back then.
     
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