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Harrah's Entertainment (HET) will buy the Imperial Palace Hotel & Casino on the Las Vegas Strip for $370 million.

Harrah's said in a press release late Monday that it is assuming no debt as part of the transaction, which includes taking over a 52,000-square foot casino and a 2,640-room hotel from privately held Imperial Palace LLC. This agreement pertains only to Imperial Palace operations in Las Vegas.

Imperial Palace LLC will continue to operate the property until the transaction closes, which Harrah's anticipates the acquisition will be by the end of the year. There are no plans for substantial operational changes at the Imperial Palace in the near term once ownership has transferred, Harrah's said.

"We are actively investing in a wide range of opportunities that will provide growth beyond what we expect to achieve as a result of integrating the recently acquired Caesars business," said Gary Loveman, chairman, chief executive officer and president of Harrah's. "This acquisition enhances Harrah's position in Las Vegas, enabling us to offer our customers the most inspiring array of entertainment and gaming options available in the heart of the Las Vegas Strip -- the intersection of Flamingo Road and Las Vegas Boulevard."

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Shares of Harrah's closed up Monday 23 cents, or 0.3%, to $71.83.