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WSOP to Move to New Las Vegas Venue

With the poker world’s attentions turned towards this summer’s World Series of Poker, rumours are already flying that the 2011 event could be held in a new venue. Reports emerging from Las Vegas are that Harrah’s casino and hotel group, who also own the World Series of Poker, are to sell the Rio. The hotel and casino’s location off the strip is thought to be the main reason why Harrah’s are considering selling the property despite it making $85 million profit a year.

The likely sale price for the complex is estimated to be around $520 million which would go some way to redressing the $5.5 billion financial deficit that Harrah’s will have to pay back by 2015. However, the asking price is somewhat below the $1 billion Harrah’s could have expected for the Rio just three years ago.

If the sale of the casino goes ahead then it is likely that the WSOP will find its new home at Caesars Palace. An earlier move to Caesars had been considered two years ago but Harrah’s were keen to maximise occupancy rates during the Series by keeping the event at the Rio. So far the venue has had mixed receptions, with many of the old school players harking back to the golden days of the Series when it was held at Binion’s. No official announcements have yet been made and it is unlikely that any plans will be made until after this year’s WSOP.