The long-rumored sale of the Rio All-Suite Hotel & Casino in Las Vegas came to fruition Monday when Caesars Entertainment announced that it had sold the resort to a New York-based real estate group for $516.3 million and will continue to operate the off-Strip property under a lease agreement for at least two years.
In a statement, Caesars, which is in the process of being merged with Eldorado Resorts in a $17.3 billion deal, the biggest in gaming history, said it will pay $45 million in annual rent to a company controlled by a principal of Imperial Companies.