LAS VEGAS -- Caesars Entertainment Corp. is selling the Rio All-Suite Hotel & Casino to an Imperial Cos. affiliate for $516.3 million.
Caesars said Monday it will continue to run the Rio under a lease for a minimum of two years and will pay an annual rent of $45 million.
Imperial Cos. has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term and at Imperial's request, Caesars may continue to manage Rio or may provide transition services.
The Las Vegas property has 2,520 rooms and suites. Caesars said Rio will remain part of the Caesars Rewards network during the lease term.
The deal is subject to regulatory approval and is expected to close in the fourth quarter.