“We’d love to think it’s time for a little bit of a reinvention in Vegas,” he said. Under terms of the sale agreement, Caesars will operate Rio and pay rent to Dreamscape through December 2023 at the latest.ĭreamscape plans to renovate the Brazilian-themed property with the rainforest in mind, said Birnbaum, though he and Chief Investment Officer Tom Ellis, his longtime business partner, declined to divulge many specifics during the tour.īirnbaum said the “underloved” Rio needs new life with “everything from the moment you walk in, to the moment you leave.” Still, he said, there’s enough “meat on the bones” for Rio to once again become a go-to place for locals and tourists alike. for $516 million in a deal announced September 2019.

We’re going to lean into it and embrace what it is.’ And that to us was pretty obvious.”ĭreamscape bought Rio from Caesars Entertainment Inc. “And we said, ‘No, actually, we’re going to do the complete opposite. “When we first bought it, I think everybody said, ‘You’re going to rebrand it, change it completely and blah, blah, blah, blah, blah,’” Dreamscape founder and CEO Eric Birnbaum said during a May 3 tour of the property with Review-Journal journalists. Rio’s new ownership group is headed by two self-described “real estate guys” from the East Coast who are making their first foray into the gaming industry via the resort. To that end, they’ve assembled a team of industry experts to advise them and help implement their vision. Instead, the new owners believe they can tap into what made the property successful in the first place while incorporating new elements guests have come to expect in a modern Las Vegas resort. Those changes won’t be accomplished by running away from the Rio’s past. Significant changes are coming to the 31-year-old off-Strip resort, which has lost its shine in recent years.

Baskow/Las Vegas Review-Journal) Rio will remain the Rio in name and theme.īut that doesn’t mean the hotel’s new owner, New York City-based Dreamscape Companies, is doubling down on the status quo. The new ownership group of the Rio, Dreamscape Companies, is planning renovations throughout the property.

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