Caesars Entertainment Corporation has confirmed the completion this week of the previously announced sale of the Rio All-Suite Hotel & Casino to a buyer affiliated with Dreamscape Companies, which is owned and controlled by Eric Birnbaum

The property was sold for $516.3m which includes certain fees, expenses and $40m in seller financing provided by a Caesars affiliate. 

In connection with the completion of the sale, a Caesars subsidiary entered into a lease with the buyer under which Caesars will continue to operate the property for a minimum of two years and pay annualized rent of $45m. 

The Buyer has the option to pay Caesars $7m to extend the lease under similar terms for a third year. At the end of the lease term and at the request of the Buyer, Caesars may continue to manage the Rio or may provide transition services to the Buyer.

The Rio will continue to be part of the Caesars Rewards network during the lease term, and the transaction is not expected to result in any changes to the guest experience, said a statement from the firm. 

Furthermore, the World Series of Poker will be hosted at the Rio in 2020 and hosting rights will remain with Caesars Entertainment thereafter.