The Caesars Entertainment Corporation has announced the completion of the sale of the Rio All-Suite Hotel & Casino for a total of $516.3m, to a buyer affiliated with Dreamscape Companies, which is owned and controlled by Eric Birnbaum.

With Dreamscape being known for acquiring repositions and/or developing hospitality, residential, retail, gaming and entertainment assets, Caesars have now entered into a lease with the buyer to continue to operating the property for a minimum of two years while paying an annualised rent of $45m.

Since its beginning in Reno, Nevada, in 1937, Caesars Entertainment has grown through development of new resorts, expansions and acquisitions.

The buyer will continue to have the option to pay Caesars $7m to extend the lease under similar terms for a third consecutive year. Come the end of the third year and at request of the buyer, Caesars many continue to manage the Rio or may also provide transaction services to the buyer.

The Rio will be continuing to be a part of the Caesars Rewards network during the lease term and the transaction is one which is not expected to result in any changes to the guest experience. The World Series of Poker will also be hosted at the Rio in 2020 and hosting rights will remain with Caesars Entertainment thereafter.

This is the latest news to come from Caesars following the merger agreement between Caesars Entertainment and Eldorado Resorts moving a significant step closer after shareholders from both parties gave the deal the green light.