“There is a lot of brand awareness with the name Rio,” Birnbaum said. He didn’t offer many details, other than saying the Rio name will be retained and confirmed that former Cosmopolitan of Las Vegas CEO Bill McBeath remains a consultant to the project. Caesars has been operating the property under a lease agreement.ĭreamscape CEO Eric Birnbaum said the company will take over Rio’s operations later this year ahead of the redevelopment, with the property staying open through the renovations. The financing arrangement will fund Dreamscape’s redevelopment of the Rio, which it acquired in 2019 from Caesars Entertainment for $516.3 million.
Dreamscape also plans to form two companies with the financing: a real estate investment trust and an operating company – both focusing on gaming, hospitality and entertainment businesses.
The real estate development and investment firm announced last week it had secured $850 million in funding, a portion of which will be dedicated to redeveloping the 2,522-room resort. is ready to focus on a multi-phased renovation of the 33-year-old off-Strip resort. More than three years after buying the Rio Hotel & Casino, New York-based Dreamscape Cos.
