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Harrah’s Entertainment is looking to sell the Rio All Suite Hotel & Casino in Las Vegas according to recent news reports.
Unidentified “people with knowledge of the private talks” said that Harrah’s owner Apollo Management is exploring the sale of the off-Strip property valued at approximately $500 million.
The Rio is located behind Harrah’s biggest Las Vegas casino, Caesar’s Palace and has 117,300 square feet of gambling space, 1,100 slot machines, 90 gaming tables and 2,520 rooms.
The sale comes just two months after Harrah’s bought Planet Hollywood Resort and Casino to obtain a strip property for less than the cost of building one and just as Las Vegas begins to emerge from a two year slump.
Starwood Capital Group LLC and Colony Capital LLC are among the companies that are weighing bids for the resort.
Harrah’s spokeswoman Jacqueline Peterson declined to comment, as did representatives of Starwood Capital and Colony.
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