Rio Casino & Hotel, formerly owned by Caesars, has been sold to a real estate company for $516.3m.

The firm will manage the land and buildings of the casino resort while Caesars Entertainment will continue to operate the gaming floor for a minimum of 2 years. Caesars will also be required to contribute $45 million a year to the rent of the property.

The agreement also allows Caesars the option of acting as the operators for a third year, subject to a $7 million fee. They will also be able to continue managing the casino after the lease comes to an end.

The Rio All-Suite Casino initially opened its doors to the Las Vegas Strip in 1990. Currently, it features 2,522 suites with private villas for high-roller guests, a gaming floor made up of 117,330-square-feet, plus a sports book and racing book.

The Rio casino is also the host venue for the annual World Series of Poker event.

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A Massachusetts native, blogger Angeline Everett grew up in the Allston neighborhood of Boston and earned a degree in casino management from the University of Massachusetts-Amherst. After graduating, Angeline moved to Atlantic City where she joined the young team at the Borgata Casino as a compliance representative, while blogging on the side. After a few years in the back office, Angeline moved to the floor to work first at a casual poker dealer and later casual poker floor supervisor. Fascinated with games of chance since she was a child, Angeline currently divides her time between blogging and work on her first book.