He announced the start of a sales effort a year ago, 16 months after the Eldorado-Caesars merger closed. Still, Reeg thought Caesars should sell another one of the eight remaining Strip properties.
Caesars leased the property back from the new owner and is operating the hotel-casino through 2023. Three months later, Caesars did Reeg a favor by selling the off-Strip Rio Resort to a New York real estate investment firm for $516.3 million.