WSOP May be Relocating?
Written by Renee K | Thursday, April 29th, 2010
If the rumors are to be believed, the World Series of Poker, which recently launched WSOP poker site may be moving from its traditional home at the Rio in Las Vegas to another location.
There is no doubt that since the WSOP started running at the Rio, it has become the focus of intense activity from year to year as thousands of players flock to this venue to take part or watch one of the most famous poker tournaments around.
However, there have been increasing rumors that Harrah’s, owners of the Rio are seeking to sell the hotel and convention center.
A report in Business Week speculated on a possible sale, with the newspaper reflecting: “Starwood Capital Group LLC and Colony Capital LLC are among the companies that are weighing bids for the resort. Some bids value the Rio at about $500 million.”
Others have taken the speculations one step further and consider one of Harrah’s newly acquired properties as the perfect venue for the World Series of Poker event. Harrah’s recently purchased the Planet Hollywood casino in Vegas, a property closer to its other locations on the strip.
Planet Hollywood is only one of two of Harrah’s properties on the Strip – Caesar’s being the other – to have the capacity to hold a poker tournament as large as the WSOP. Other properties owned by Harrah’s include Flamingo, Imperial Palace, Paris and Bill’s.
The original home of the WSOP was the Horseshoe in downtown Las Vegas, and remained so for 34 years, but Harrah’s moved the tournament to the Rio in 2005. At the time it was considered a smart business move as it allowed the tournament space for growth, and could accommodate more cars.
While Harrah’s paid $888 million for the Rio All Suite Hotel and Casino, it is believed that nobody has offered over $500 million for the property up until now.
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· Written by Renee K · Filed Under Poker News · Comments Off
