Dreamscape Companies, owner of the Rio Hotel & Casino in Las Vegas, is planning a multi-year renovation of the Strip resort. The overhaul will start in the fourth quarter of 2023, with the property remaining open for the duration.
According to Vegas Business Digest, Dreamscape raised $850 million in capital from real estate investment trusts to remodel the resort and similar properties. It acquired the Rio in late 2019 from Caesars Entertainment, and also entered into a lease-back transaction so Caesars could continue to operate the property.
The project will include renovations of 2,500 all-suite guest rooms, the 150,000-square-foot casino floor, 220,000 square feet of meeting and convention space and five acres of poolside amenities and common areas. It will also add several new food-and-beverage outlets.
“The Rio has been an iconic property in Las Vegas for over two decades and we are thrilled to be working with such a talented and experienced team to bring our vision for the property to life,” said Dreamscape founder Eric Birnbaum. “We are confident that with the talent we have brought on board, from both an architectural and design element, we will create a new and differentiated experience for our guests to enjoy.”
Dreamscape will partner with four noted architectural and design partners for the do-over: Fettle, a boutique interior architecture and design firm; Gianpiero Gaglione Interior Design, a luxury interior design firm; Lifescapes International, a critically acclaimed landscape designer; and Marnell Architecture, an industry leader in the Las Vegas hospitality and entertainment market. Marnell was the original owner, operator and developer of the Rio.
