The dwelling of the World Series of Poker will quickly change into a Hyatt-branded lodge.
Hyatt Hotels Corporation introduced Thursday that it had entered right into a franchise settlement with Dreamscape Companies LLC, the proprietor of the Rio All-Suites Hotel & Casino, in accordance with report from a local Fox affiliate.
The settlement will renovate the previous Caesars property, which opened in 1990, and switch it into a number of Hyatt lodge towers. The announcement didn’t give a timeline for the renovation and it isn’t clear whether or not the property will nonetheless function a gaming flooring when the renovation is accomplished.
“We are thrilled that Dreamscape will help us bring multiple Hyatt full-service brands to Las Vegas, starting with a Hyatt Regency hotel, which we believe will deliver on the Hyatt Regency brand promise of creating meaningful connections in modern spaces designed for sharing, socializing and collaborating,” mentioned Hyatt’s Vice President of actual property and improvement Kimo Bertram in an announcement.
In September 2019, Caesars introduced that it had offered the property for $516 million to Dreamscape, a gaggle managed by New York-based actual property group Imperial Companies. As a part of the settlement, Caesars agreed to proceed to run the on line casino and pay $45 million in lease for 2 years, with an possibility for a $7 million lease fee within the third yr.
The deal was finalized in December 2019, which leaves between 9 and 21 months left earlier than Caesars severs ties with the property.
Given that there was no timeline on the rebranding and renovation course of, a possible situation is one the place it doesn’t occur till Caesars not operates the ability and it might be reworked solely right into a near-Strip lodge.
That could be the situation which might enable Caesars to run the WSOP on the Rio Convention Center for an additional few years till the corporate finds a brand new vacation spot for the world’s largest poker collection.
There have been rumors of the WSOP shifting away from the Rio for fairly a while. Most of the hypothesis surrounding the doable transfer away from its dwelling since 2005 had it going to the lately completed Caesars Forum Conference Center.
The $300 million 550,000 sq. foot constructing is likely one of the few buildings owned by Caesars able to housing the collection. It has 300,000 sq. ft of assembly area and situated on the Las Vegas Strip behind the Linq. By comparability, the Rio’s conference heart is 160,000 sq. ft.
When Caesars offered the property, Seth Palansky, former Vice President of Corporate Communications for the WSOP, instructed Card Player that the collection could be held on the Rio in 2020 and that “people should feel confident that the 2021 WSOP will be at the Rio as well.”
The 2020 WSOP was hosted on-line as a result of pandemic and there was no announcement concerning the standing of the 2021 collection but.