Las Vegas’ Rio Resort Casino to Undergo Major Makeover
The landlord of Rio Hotel & Casino in Las Vegas has revealed plans to renovate the off-Strip property and take charge of daily operations.
Dreamscape Companies, a New York-based real estate development and investment firm founded by industry veteran Eric Birnbaum, said last week that it has successfully completed an $850 million capital raise.
Part of that capital will be used to finance a multi-phase renovation of Dreamscape’s first gaming property, the iconic Rio Hotel & Casino Las Vegas. The company acquired the property in late 2019 from Caesars Entertainment, contemporaneously entering into a sale lease-back with Caesars to operate the property.
As the first all-suite hotel to hit the Las Vegas Strip in 1990, the resort holds a prominent position in the city’s storied past. With the intent to preserve the property’s bones and honor its legacy, Dreamscape will use the financing to reimagine the two-tower structure, restoring it into a premiere resort and casino experience with modernized amenities and an array of offerings. The property will remain open throughout the renovation, with the company slated to officially take over and manage operations at the resort in 2023.
Rio could also see a baseball stadium open next door, as Major League Baseball’s Oakland Athletics are looking at some properties in America’s casino capital One of the options could be the excess land at the Rio, as reported by Las Vegas Review-Journal.
Located on Flamingo Road about a mile west of the Strip, the Rio sits on a property of about 88.5 acres. It boasts 2,520 rooms and over 117,000 square feet of casino space.
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I sure hope they do something with the place. I was here in 1990 when it opened as a gorgeous property. I remember the add on with the masquerade parade in the sky and the crowds per amazing. the carnival buffet set a whole be standard. it was always packed with people. then harrahs bought it and it has been a death by a thousand cuts ever since. I was there recently. what a dump. so I hope there is a real plan and not just some intent to give it a coat of paint and turn it into a money-grab.
@ Andrew P
I wouldn’t hold my breath on that one lol
It’s going to take a ton of money to turn that property into something desirable.Being it’s thought to be a 2 brand Hyatt property Regency and Limited service I wonder if it will fall 100% under the Hyatt program whe earning and redeeming Being Caesar’s will be running the property could be a choice to earn in either program like MGM & Hyatt
I wonder if any of the $850m is earmarked to fast-track the Vegas Loop from the Strip to the property
I hope to visit after the renovation