Caesars appoints regional president for Atlantic City casinos
Caesars Entertainment Corp appointed Ronald Baumann as regional president for its three Atlantic City casinos, pending state regulator’s approval.
US.- Ronald Baumann may turn into Caesars Entertainment Corp’s three Atlantic City casinos’ regional president. The company chose the executive but must now wait for regulatory approval.
The company operates the Bally’s Atlantic City, Caesars Atlantic City, Harrah’s Resort Atlantic City and Caesars Interactive (online) in the city. Ronald Baumann would oversee such operations should the regulator approves the request.
Baumann has already held senior leadership positions at other Atlantic City properties.
Property sale
Caesars Entertainment announced that it reached an agreement to sell the Rio All-Suite Hotel & Casino to New York-based Imperial Companies. The company agreed to the sale of the Las Vegas strip facility for US$516.3 million.
The agreement establishes that Caesars will continue operating the property with a lease for a minimum of two years and pay annualised rent of US$45 million. If they wish to extend that lease for a third year, Imperial Companies can pay Caesars US$7 million. Then, Caesars can opt to manage Rio or to provide transition services.
The companies informed that the agreement doesn’t restrict Caesars’ marketing activities and that it allows for co-ownership. Rio will continue to be part of the Caesars Reward network during the lease term. The World Series of Poker (WSOP) will also take place at the facility. Caesars Entertainment will retain the hosting rights after the lease is over.
