With all the new properties underway and recent sales such as Tropicana/Bally’s, Fontainebleau, Dream, Bally's/Horseshoe, why have I not heard a peep about the Rio? What's going on with this once pretty fun property?
It’s business as usual at the Rio, although Caesars Entertainment looks like it will be sticking around as manager past the January 1, 2023, termination of its contract.
That said, the company is rumored to be leaving sometime next year. In its place will be owner/operator-to-be Dreamscape, whose man in Las Vegas will be Trevor Scherrer. He has 35 years experience in hospitality, including at MGM Grand, the Mirage, and New York-New York. Most recently, he helped open Resorts World. All that augurs well.
Dreamscape is also expected to make a major capex reinvestment in the Rio, which wilted badly under Caesars’ ownership (peeling paint and flaking plaster and deferred maintenance all over the place). It’s expected that amenities like the Chippendales and the extensive KISS attraction will stay put, while Dreamscape’s focus will be on revamping the hotel product.
The Rio beat is a-swirl with rumors. One was that a wave/surf attraction was interested, but couldn’t make it work. Something that is definitely off the table is demolishing the lovely Rio to make room for a sports stadium. A rival bidder wanted to do that, but Dreamscape is having none of it. Whew.
VitalVegas blogger Scott Roeben wondered aloud to us, “I’m curious if they’re nervous at all about Palms struggling. They’ll encounter some of the same challenges without a database.”
He might have mentioned Virgin as well, which is having the same problem. Running a one-off resort in Las Vegas is never easy, so the Rio could need as much luck as we can wish it.
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Kevin Rough
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Gregory
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Kevin Lewis
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Raymond
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That Don Guy
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gaattc2001
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JCCoryell
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Howard M
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