Casino entertainment provider Caesars Entertainment (CZR) has sold off its Rio All-Suite Hotel & Casino for $516.3 million. Real estate investment firm Imperial Companies purchased the casino and hotel, allowing Caesars to continue operating the property for at least two more years.

Caesars will pay Imperial an annual rent of $45 million while also exercising the option to receive a payment of $7 million to extend the lease of the Rio property for a third year while continuing to operate the property that is located on the Las Vegas Strip.

“This deal allows Caesars Entertainment to focus our resources on strengthening our attractive portfolio of recently renovated Strip properties and is expected to result in incremental EBITDA at those properties,” Tony Rodio, CEO of Caesars Entertainment said in a statement.

“The retention of the World Series of Poker and retention of Caesars Rewards customers are all factors that make this a valuable transaction for Caesars,” he added.

Under the agreement, Caesars will co-own the guest data and continue marketing activities of the Rio, and continue to offer rewards to guests through the lease term. Caesars said that it does not expect “any changes to the guest experience” during this time.

Caesars will continue to host the World Series of Poke at the Rio in 2020 with all hosting rights remaining with the entertainment company going forward.

The companies expect the transaction to close in Q4 of 2019.

Shares of Caesars Entertainment stock were up 0.04 percent as of 2:59 p.m. ET on Monday.

Caesars Entertainment Bankrputcy
The marquee at Caesars Palace in Las Vegas shows a tribute to Muhammad Ali June 4, 2016, the day after the boxing legend died in Arizona. Ethan Miller/Getty Images
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