It draws local residents to the property, in addition to attracting regional tourists.ĭreamscape announced in February it had completed raising $850 million in capital to help execute a massive renovation. The Rio, which opened in 1990, features 220,000 square feet of convention and meeting space, a five-acre pool area, and 150,000 square feet of casino space with more than 60 tables and 1,000 slots. COVID allowed us to implement our business plan and hire individuals to steer the ship and get ourselves in the position we’re currently in today.” “The way we had structured the deal was a sales leaseback and a triple-net lease with Caesars, where they were paying us rent, while we put together our business plan. “Thankfully, someone was looking over us, because three months later, we all experienced COVID,” Birnbaum said.
Caesars continued to operate under a four-year leaseback agreement that expires at the end of 2023. In December 2019, Dreamscape acquired the 2,522-room Rio from Caesars Entertainment for $516.3 million.
