Rio, Las vegas, hotel

Caesars Entertainment announced Monday it had completed a deal to sell the Rio All-Suites Hotel and Casino to a New York-based real estate firm for $516.3 million.

According to the Las Vegas Sun, Caesars officials agreed to sell the Las Vegas property to a principal of Imperial Companies, but the entertainment brand still plans to operate the Rio for $45 million a year in rent under a lease scheduled to last at least two years.

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The deal between Imperial Companies and Caesars is expected to close later this year.

“This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties,” Caesars Entertainment CEO Tony Rodio said in a statement.

The Rio is scheduled to host the 2020 World Series of Poker, with hosting rights remaining with Caesars after that. As for Imperial Companies, it was founded in 2014 by Eric Birnbaum and Michael Fascitelli with a focus on mixed-use, residential and hospitality assets across all major U.S. markets.

The announcement comes less than a month after reports surfaced that Caesars Entertainment withdrew its bid to open a casino in Japan and instead will focus on other business plans, including a merger with Eldorado Resorts slated to be finalized next year.