About a year ago, I wrote a $900 Million 'Offer' for the Rio All-suites Hotel and Casino. That investor needed more time to put together the acquisition money than Caesars was willing to wait. So, it went no where.
Now, the reason the Offer I wrote was so high in price was because the land value of the 88.53 Acres which the Rio sits on his worth about $11 Million an acre. Thus, the $900 Million offer.
After that offer fell apart, Eldorado Resorts came along with their attempt to acquire ALL of Caesars in their stock deal. At this time, I was told by my contact at Caesars that the sale of the Rio was being put on hold until Eldorado completed their acquisition.
Ok, makes sense. Let's wait. (I should never have waited.)
Then, a few months later, I was shocked to read that Caesars Sold the Rio at about half of the land value for the whole property!
Even to today, I am flummoxed as to the reason they moved forward on such a low ball offer.
Now, the Rio buildings and such were the victim of the lack of Preventive Maintenance. Before and during Caesar's Bankruptcy, they did little if anything to cure items that could have easily been fix, replaced and of in general taken care of.
Thus, the dire state of the existing structure. (As one retired casino executive said to me one time, "Duct tape on the carpet is NOT a repair."
So, all I can do now, is hope that the current buyer, who is in escrow, doesn't close and I find an equally qualified buyer to close on the property.
Are there other resorts available? Yes.
Are they expensive? Yes.
Are there hotels/motels available without gaming? Yes.
To find out more....
Contact David Howes at: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!
Now, the reason the Offer I wrote was so high in price was because the land value of the 88.53 Acres which the Rio sits on his worth about $11 Million an acre. Thus, the $900 Million offer.
After that offer fell apart, Eldorado Resorts came along with their attempt to acquire ALL of Caesars in their stock deal. At this time, I was told by my contact at Caesars that the sale of the Rio was being put on hold until Eldorado completed their acquisition.
Then, a few months later, I was shocked to read that Caesars Sold the Rio at about half of the land value for the whole property!
Even to today, I am flummoxed as to the reason they moved forward on such a low ball offer.
Now, the Rio buildings and such were the victim of the lack of Preventive Maintenance. Before and during Caesar's Bankruptcy, they did little if anything to cure items that could have easily been fix, replaced and of in general taken care of.
Thus, the dire state of the existing structure. (As one retired casino executive said to me one time, "Duct tape on the carpet is NOT a repair."
So, all I can do now, is hope that the current buyer, who is in escrow, doesn't close and I find an equally qualified buyer to close on the property.
Are there other resorts available? Yes.
Are they expensive? Yes.
Are there hotels/motels available without gaming? Yes.
To find out more....
Contact David Howes at: davidATdavidhowesDOTnet OR; 7 0 2 5 01 9 3 8 8 AND Please #Follow David on Twitter: @DavidAHowes Have a nice day!
