Owned by The Rank Group, the company paid £650,000 to the Isle Of Capri Group for the casino based at the home of Coventry City FC and will pump in £1m to transform the casino into a G Casino.
Grosvenor already have a number of other casinos around the country and the one at the Arena will be their eighth biggest out of the thirty three in their portfolio.
They have taken over the management of the casino with immediate effect.
Phil Urban, managing director of Grosvenor Casinos said: "I am excited at the prospect of bringing the G Casino to Coventry as part of the superb Ricoh Arena. My team is looking forward to working with Arena Coventry Limited (which operates the Ricoh Arena) to contribute to the success of one of the best multi-purpose leisure venues in the country."