Caesars Entertainment agrees to sell Rio All-Suite for $516.3 million

Caesars Entertainment Corp. said Monday that it has agreed to a sale of its Rio All-Suite Hotel & Casino to a company controlled by Imperial Companies for $516.3 million. Under terms of the deal, Caesars will continue operating the property for two years and pay annualized rent of $45 million. The buyer has an option to pay Caesars $7 million to extend that lease a third year under similar terms. Once the lease terms ends, Caesars can keep managing it or provide transition services to Imperial. Shares of Caesars were unchanged in premarket trading.

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