Caesars Entertainment has offloaded the Rio Hotel and Casino to a real estate investment firm.
Caesars has pocketed $516.3 million for the Las Vegas hotel and will continue to operate it for at least another two years at $45 million in annual rent, with a further option available.
The new owner is an affiliate of New York based Imperial Companies.
"This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties said Caesars CEO Tony Rodio.
The Rio would still remain a part of the Caesars rewards program.
Caesars announced this year it plans to merge with Eldorado Resorts in a deal valued at more than $17 billion.
Caesars had been look to offload the Rio even before the Eldorado deal was agreed, which will likely lead to a sale of at least one of Caesar’s Vegas properties when the merger deal closes.
