The operator has sold the property to a company affiliated with Dreamscape Companies, which acquires, repositions and develops hospitality, residential, retail, gaming and entertainment assets.
Under the terms of the agreement, Caesars will continue to operate the property for a minimum of two years and pay an annual rent of $45m.
If the buyer wants to extend the lease term for a further year, it is required to pay Caesars $7m.
At the end of the lease term, Caesars may continue to manage the property or provide transition services to the buyer upon request.
During the lease period, the Rio Casino will continue to be a part of the Caesars rewards network and will host the World Series of Poker in 2020.
Speaking in September, when the deal was agreed, 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."
