Given its adjacency to the Strip, the location can attract transient customers, as well. “It has great access that certainly appeals to the local market. “We certainly think that our site has a lot of benefits to it,” Birnbaum said. The Major League Baseball franchise has been exploring a possible relocation to Las Vegas for much of the last two years amid spats with Oakland city leaders over a desired new waterfront stadium. “What we want to do is reinvigorate the property and capitalize on the name.”īut there’s a possible curveball coming to the redevelopment.īirnbaum confirmed Dreamscape has been in discussions with the Oakland A’s about putting a $1 billion, 35,000-seat domed stadium on roughly 22 acres of the Rio’s nearly 90-acre site on West Flamingo Road, just west of Interstate 15 and roughly a mile from the Strip. “There is a lot of brand awareness with the name Rio,” Birnbaum said. He didn’t offer many details, other than saying the Rio name will be retained and confirmed that former Cosmopolitan of Las Vegas CEO Bill McBeath remains a consultant to the project. Caesars has been operating the property under a lease agreement.ĭreamscape CEO Eric Birnbaum said the company will take over Rio’s operations later this year ahead of the redevelopment, with the property staying open through the renovations. The financing arrangement will fund Dreamscape’s redevelopment of the Rio, which it acquired in 2019 from Caesars Entertainment for $516.3 million. Dreamscape also plans to form two companies with the financing: a real estate investment trust and an operating company – both focusing on gaming, hospitality and entertainment businesses. The real estate development and investment firm announced last week it had secured $850 million in funding, a portion of which will be dedicated to redeveloping the 2,522-room resort. is ready to focus on a multi-phased renovation of the 33-year-old off-Strip resort. More than three years after buying the Rio Hotel & Casino, New York-based Dreamscape Cos.

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