Caesars will make $516.3m from the sale, although it retains the World Series of Poker (WSOP), which is hosted at the Rio.
The WSOP will stay at the Rio in 2020, with hosting rights remaining with Caesars thereafter.
Caesars will also operate the property for a minimum of another two years and may continue to manage it beyond the period, or "provide transition services to the buyer."
After Eldorado Resorts’ $17.3bn acquisition of Caesars was announced in June, Eldorado CEO Tom Reeg outlined the possibility of selling some of the company’s Las Vegas properties.
Tony Rodio, Caesars CEO, said: "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.
"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."
