The Rio Casino sold for over $516 million. The Las Vegas-based venue has served as the home of the World Series of Poker since 2005. It was sold to a company controlled by a principal of real estate investment vehicle Imperial Companies, and the deal expected to conclude in the fourth quarter of this year.

Caesars Entertainment will continue to operate the property for at least the next two years and pay rent of $45m per year. At the end of the two year period, Caesars may continue to operate the Rio or provide transition services to the buying company as it seeks a new operator.

“The retention of the World Series of Poker and retention of Caesars Rewards customers are all factors that make this a valuable transaction for Caesars.” Tony Rodio, chief executive of Caesars Entertainment, said.

More about why the Rio Casino sold at iGB North America