It is May and that means it’s almost time for the world’s most important poker event again in the WSOP. And even though the World Series of Poker is almost here, people are questioning whether or not the giant poker tournament will have to find a new venue. What’s the reason? Harrah’s Entertainment is debating on whether or not to sell the Rio to the next company interested in picking up the enormous hotel and casino.
There are more than a few parties interested in taking advantage of this opportunity too! The public was first informed of the decision through Business Week when it was announced that Harrah’s was putting the Rio on the table at a price tag of about $500 million. Unfortunately, we still have to wait for the specific details in regards to who will purchase the Rio.
Harrah’s Entertainment is so eager to get rid of the Rio because of their recent Planet Hollywood Hotel and Casino purchase. Since Planet Hollywood has so many more benefits, it only makes sense; it is bigger and sits happily on the Las Vegas Strip! Needless to say, it is going to bring more business in, and stir up more cash flow.
People are predicting that the WSOP will find a home in Planet Hollywood if and when the Rio gets sold. Harrah’s Entertainment sees no reason to keep two giant casinos, even if the Rio is a large part of the poker scene.
Now don’t get your panties in a bunch because none of this is supposed happen any sooner than 2011. I know it’s a lot to take in since they already had to pack their bags back in 2005 when they moved from Binion’s to the Rio. But at least the WSOP will have a solid home for one more year.
