Caesars Entertainment will no longer own the Rio Hotel and Casino by the end of 2023 as it hands full ownership to the Las Vegas property over to Dreamscape for a huge renovation.
In late 2019, Caesars sold the land under the Rio, Las Vegas’s first all-suites hotel, to Dreamscape but the casino giant continued to operate the property.
Now, it has been announced that Dreamscape has raised $850 million to finance what it calls a “reimagining” of Rio’s two-tower structure.
Dreamscape released a statement saying they will be “restoring it into a premiere resort and casino experience with modernized amenities and an array of offerings that speak to today’s gaming and hospitality consumer.”
Operations will be handed over between Caesars and Dreamscape at some point in 2023. On a practical level for customers this means Rio will no longer be part of Caesars Rewards Program or booking system.
It has been confirmed that Rio will remain open during the renovation so any visitors should be aware of any changes that may affect their bookings during this time.
Caesars have made no secret of the fact that they are trying to reduce the number of rooms they currently have in Las Vegas.
They openly discussed selling Flamingo during 2022 but were met with a big resistance and no sale went through.
Rio, though, has needed some TLC for a few years now. Its unique and stunning exterior is still as eye-catching as ever but the interior has appeared dated and unkept in recent years. Dreamscape want to change that though and are looking forward to creating a Las Vegas property to be proud of once again.
“As Dreamscape continues to evolve and expand, we knew the gaming and entertainment sector would be a natural fit and become a central part of our business,” said CEO Eric Birnbaum.
“We are passionate about creating dynamic lifestyle experiences. I strongly believe that with our team’s unique development capabilities, investment acumen, and deep operating expertise, we are poised to become a differentiated player within this space.”