Robin Leach, Las Vegas journalist and former host of Lifestyles of the Rich and Famous, tweeted last Saturday:
Did a prominent hotel off the Strip just sell for $400 million? We’re investigating the particulars.
From Robin Leach (@Robin_Leach) on October 4, 2014
It wasn’t clear to which hotel Leach was referring until Wednesday. On this day, a 2+2 user named KKAnderson started a thread on the site’s News, Views, and Gossip forum. In this thread, he stated that an anonymous employee had informed him that the Rio All Suite Hotel and Casino in Las Vegas will be shutting down.
KKAnderson explains that the employees of Rio were informed about the closure in late-September and were recommended to shift to other parts of the Caesars conglomerate.
Following KKAnderson’s audacious statement, prominent poker media members ignited a flurry of speculation on Twitter. This wave of conjecture reached its peak when Chris Grove featured the rumor in his weekday newsletter, OPR Quick Take.
If the rumor turns out to be true, it would mark the end of the WSOP’s 10-year tenure at the Brazilian-themed resort. However, that’s a significant uncertainty.
Do the rumors hold any weight?
It is currently tough to ascertain. The chatter about Rio sales has been prevalent on the internet for a long time, suggesting that the owner, Caesars Entertainment, is keen on offloading the casino.
Just last year, PokerStars executive Eric Hollreiser confirmed that Caesars Entertainment had made an offer to buy “certain assets” from the online poker giant, including the Rio. However, the offer was immediately turned down.
Caesars’ debt, last reported to be at an astronomical $24.2 billion, is indeed legendary. It’s not hard to imagine that Caesars might be interested in offloading a decaying, outdated, off-strip casino, or even closing it if a sale doesn’t materialize. After all, the company didn’t hesitate to close the outdated Showboat in Atlantic City last September, mostly to lessen internal competition among its properties.
Despite this, the notion that the WSOP’s house will disappear overnight appears somewhat implausible. The rumor from 2+2 suggests that Rio’s employees were notified about the transition in late September. I believe no non-disclosure agreement could have stopped this news from leaking till now. That’s just my opinion.
In addition, the hotel has recently added a VooDoo ZipLine that connects the two towers. Not only that, but it is also taking reservations up to a year in advance.
As of the time I’m writing this, I could only locate two accounts suggesting that something unusual is happening at the Rio. The first account is from someone who supposedly works there, claiming the casino will “close” within a month. The second account is from an enigmatic user called Privateworld (could he be Viffer, Johnny “World” Hennigan, or just a random poker enthusiast?) who remarks, “All I know is that some high-ranking employees were moved to other hotels. I’m not sure why.” However, this is scarcely a solid confirmation.
Expect speculation to persist until there is official news (if any) about Caesars’ plans for the Rio.
Should the Rio close, what happens to the WSOP?
Short answer: it moves.
Rewritten: To give a detailed answer, it’s probable that the WSOP would be relocated to another property owned by Caesars Entertainment. If I were to speculate, I’d say the likely candidate would be Planet Hollywood. With its east strip location and a massive grand ballroom, Planet Hollywood has the necessary space, appeal, and brand recognition to attract large crowds.
An alternative could be to stage the WSOP at Caesars’ main casino. This could be beneficial since Caesars boasts of ample space and there would be no lingering doubts about the ownership of the WSOP brand. It appears to be a mutually advantageous solution.
Another possibility is to distribute the WSOP over various Caesars properties. Although this would indeed mitigate some of the issues with long lines for restrooms and restaurants, it introduces new challenges. Specifically, players would no longer link the WSOP to a single casino, which could potentially diminish the brand’s value.
Perhaps I’m alone in this opinion, but a significant aspect of the WSOP’s enjoyment comes from directly experiencing the magnitude of poker’s biggest yearly competition. Distributing the event across multiple convention centers would dilute the WSOP’s impressive impact. It would also cause inconvenience for players, who are often used to residing in the same hotel where the WSOP tournaments take place.
Many players and poker media personnel already support relocating the WSOP to the Strip, irrespective of the fate of the Rio. This suggests that, whether the casino continues under Caesar’s supervision, is sold, or closes down, it will eventually be moved to a different location.
Regardless of the situation, take comfort in the fact that the WSOP has a future, and it’s likely to be a bright one.
