Just over one year after Rio All-Suiten Hotel & Casino was sold to an associate of Dreamscape Companies, Caesars Entertainment gave information about the fate of the house. Hospitality Giant Hyatt Hotels Corporation has reported on Thursday that it has concluded franchise deals with the current owner of the resort. The casino powerhouse announced it would finally offload in September 2019 after almost ten recurring rumours that Caesars was trying to sell Rio, a 2005 Off-Strip Casino hotel complex that became a permanent home to the World Poker Series.
The company Dreamscape, owned and operated by entrepreneur Eric Birnbaum in New York, has been called the buyer. It paid for the resort $516.3 million. Dreamscape specialises in gaming, leisure, shopping, entertainment and residential properties acquisition and regeneration in “original and diverse attentive ecosystems” that optimise investment quality.
Rio will undergo a multi-stage renovation process as part of its owner’s deal with Hyatt, which brands a range of full-service packages from Hyatt to Las Vegas. There are currently over 2510 rooms in the hotel. Many of these will be refurbished and rebuilt.
The project of restructuring
In the first steps of the Rio restructuring, one of the former towers will be restored. Once finished, the Hyatt Regency hotel will be 1,501-room. This new hotel will have standard guest rooms average 580 square feet.
The remaining about 1,000 rooms would now be refurbished and run under one or more Hyatt names, albeit later. The complex will also be revised and renovated under the leading hospitality company its casino, retail, dining and drinking facilities, spa and wellness facilities and pool areas. Besides redefining Rio’s hotel experience in a way that satisfies the needs Hyatt also has plans to incorporate accessible space and conference rooms to hold meetings and events in the future, both for recreational visitors and travellers alike.
The partnership with Dreamscape represents a huge achievement for Hyatt as it paves the way for the hotel business, which says it is one of “the things that really matter to our faithful travellers,” to bring its hotel experience to Las Vegas. Hyatt Vice President Kimo Bertram, Real Estate and Growth Reflecting on the substantial collaboration shared their passion for introducing several Hyatt products to Las Vegas and believing that it will “live the pledge from Hyatt Regency that significant ties can be created in modern spaces built to interact, socialise and collaborate.”
Eric Birnbau, Dreamscape founder and CEO, said that he was pleased to collaborate with Hyatt to revitalise Rio and that the property was “the ideal spot for building a multi-purpose ultimate location in Las Vegas.” The Malta Gaming Authority licence was awarded to FBM Digital Systems to improve its online gaming aspirations bet online Singapore. A corporation has signed an agreement that covers horse racing media rights and creates a significant joint venture for greyhound competitions between the two. Despite its almost 50 per cent drop in earnings, South African big casino operator remains positive.