On Monday, Caesars Entertainment Corp CEO Tony Rodio announced the sale of the Rio All-Suite Hotel & Casino to New York real estate company Imperial Companies in a deal for $516.3 million.

According to Caesars, the deal is expected to close in the first quarter of 2020. However, Caesars will retain a lease and maintain and operate the Rio for the next two years paying rent of $45 million per year. In the third year, Imperial Companies can pay Caesars $7 million and have the option to extend the arrangement for an additional year.

Although they have purchased the building, the New York real estate firm has not bought the World Series of Poker, which will remain under control of Caesars Entertainment and return to the Rio for the 51st Annual series in 2020.

“The World Series of Poker will be hosted at the Rio in 2020 and Caesars will retain the rights to this event,” an internal company-wide Caesars memo states.”The site of future WSOP events will be announced at a later date.”

“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,” Rodio said in the press release.

With operations expected to remain intact for at least the next two years, it seems likely that the WSOP could have the Rio as its home as far out as 2022.

“Many of you are probably aware that discussion and negotiations regarding the sale of the Rio have been underway for a long time. I want to emphasize that this action is not related to the recent merger agreement with Eldorado.”

In June of this year, Caesars and Eldorado announced a merger that has Eldorado acquiring Caesars Entertainment to create the largest owner of U.S. based gaming assets.

“We see this sale as enabling us to focus our resources on strengthening our attractive Strip portfolio.”

The sale of the property is not expected to “result in any changes to the guest experience.”