Rio Hotel & Casino. (Caesars Entertainment)

LAS VEGAS (FOX5) — Caesars Entertainment said it completed its sale of the Rio for $516.3 million on Thursday.

Caesars had previously announced the property would go up for sale in September to a New York-based real estate group. At the time, Caesars said in a statement that they will continue to operate the Rio under a lease for at least two years with a rent of $45 million.

Dreamscape Companies, which is owned and controlled by Eric Birnbaum, purchased the property. According to a release from Caesars, Birnbaum and Dreamscape will acquire, reposition and/or develop hospitality, residential, retail, gaming

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