The Rio All-Suite Hotel and Casino in Las Vegas is slated to become a Hyatt Regency resort. The Brazilian-themed property, which opened in 1990, was the all-suite hotel in Las Vegas; that model will end under the new ownership.
The rebranded property will be the first Hyatt Regency to open in the city. Real-estate development company Dreamscape acquired the Rio in December 2019 from Caesars Entertainment for $516.3 million. It will manage the renovation of the 89-acre property, and Caesars will continue to operate the hotel-casino under a two-year lease agreement that pays Dreamscape $45 million a year.
Dreamscape principal Eric Birnbaum and his partner Thomas Ellis were given a preliminary finding of suitability for the Rio by Nevada gaming regulators. “The Rio Las Vegas is the perfect space to create the ultimate multipurpose venue in Las Vegas, and we are thrilled to work with the Hyatt team to revitalize the property,” Birnbaum said in a statement.
A complete renovation will create standard guest rooms and add new public spaces, gaming areas and restaurants. The spa and pool will also undergo a complete redevelopment. A time frame was not disclosed.
“We know Las Vegas is an important destination for our guests, World of Hyatt members, and customers,” said Kimo Bertram, the hotelier’s vice president of real estate.
