FTC approves sale of Rio

Oct 9, 2019 3:00 AM

The sale of the Rio Hotel in Las Vegas to a New York real estate group cleared another hurdle.

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The Federal Trade Commission gave its approval to Caesars Entertainment’s $516.3 million sale of the Rio to Imperial Companies. The plan is to lease the property back to Caesars for at least two years at an annual rent of $45 million. Caesars hopes to close the sale of the Rio by the end of the year, pending shareholder and regulatory approval

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