Gala Casino has surrendered its lease at Northampton's Sol Central, which could unlock the redevelopment of the site.
The deal was completed by Palace Capital, which acquired Sol Central for £20.7m in June 2015. Gala held a lease on the 28,000 sq ft venue until 2028, but vacated in September 2011.
The leisure operator paid Palace Capital a cash sum of £3m to be relieved of any further rent, service charges or rates, along with £805,000 to cover legal fees and any repairs.
Palace Capital will be liable for the empty rates and service charge on the unit in the short-term, which are expected to total about £270,000 per year.
Place chief executive Neil Sinclair said: "We have instructed a professional team to reconfigure and revitalise Sol Central and securing possession of the Gala premises is a crucial element of the Company's plans. Preliminary plans have already been received, which we are evaluating, but the first impressions are exciting."