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Rio All Suite & Casino put on sale, WSOP relocated
Harrah's Entertainment has recently put on sale the mythical Rio All Suite & Casino - host of World Series of Poker since 2005.
Starwood Capital Global LLC and Colony Capital LLC are said to be the two potential buyers. One of them could become the future owner of the resort, valued at €500 million. But the sizable gambling venue has aroused interest of other buyers too.
This news confirms the rumours on a "relocation" of the WSOP, which should now find refuge at Planet Hollywood, the new resort purchased by Harrah's in February 2010. The move would enable Harrah's to come closer to the Strip center in order to attract a larger number of visitors.
Planet Hollywood has yet to face a fierce competition, materialised in the City Center - the new resort of MGM Mirage, a jewel of architecture and modern technology built on an area of over 2 million m2. This new gaming and entertainment temple, inaugurated in December 2009, is home to Aria Hotel & Casino and is presenting itself as the spearpoint of Las Vegas in the future.
The relocation of the WSOP is, therefore, vital for Harrah's. In 2011, the largest poker tournament in the world is likely to take place in the Planet Hollywood. This will be the second move, as the World Series had left the Binion HorseShoes in 2005, sold by Harrah's to MTR Gaming Group, in order to invest in Rio.
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