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The Rio Las Vegas, hotel-apartment and casino will be rebranded as a Hyatt hotel under a franchise agreement between Hyatt and Dreamscape.
Is The Rio Hotel Open
The deal will allow multiple Hyatt hotels under one roof, including Nomad Las Vegas and Park MGM Las Vegas, Caesars Palace and Nobu Hotel Las Vegas.
Rio Las Vegas To Become Hyatt Regency
The last time I went to Rio was on my January trip to Las Vegas when I used my $100 Caesars Diamond Holiday Dinner at Voodoo Steakhouse.
On that short trip, I packed light enough to fly Frontier Airlines to Las Vegas. So I didn’t bring nice clothes and I wanted steak. So voodoo it was. Stay tuned for that review.
Purchased from Caesars in December 2019 for $516.3 million, Rio is leased to Caesars for $45 million per year.
That lease expires in December, and the Rio’s future remains uncertain, creating the perfect opportunity to bring more Hyatt hotels to Las Vegas.
Gamboa Rio Hotel, Rio De Janeiro
“Las Vegas is an important destination for our guests, World of Hyatt members and customers, and this project is an important step for Hyatt as we continue to grow our brands in the market,” said Kim Bertram, Hyatt’s vice president of real estate and development. important.”
Renovations to the Rio will include public areas: casino floor, pool deck, spa and fitness center, restaurants and retail.
I’m assuming it’s the Masquerade Tower as opposed to the Ipanema Tower because it’s closer to the meeting and convention space.
My guess is Hyatt, Hyatt centric or a legend of Hyatt House. Or maybe try to reach a more developed market with a guess. So many possibilities.
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Hyatt has not released a timeline for when the second tower will be converted. I will keep you updated if I know more information.
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Rio Las Vegas Casino Resort Undergoing Property Transformation
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Las Vegas is on my travel bucket list. And with all the information about Rio, things seem simple now. Thanks for all the rebranding info. I will be able to use my Hyatt membership. Games regulators got a glimpse of what’s in store for Rio on Wednesday, and it has nothing to do with demolishing the building or turning the field into a baseball stadium.
The Nevada Gaming Control Board unanimously recommended preliminary findings of fitness for Dreamscape Company LLC executives Eric Birnbaum and Thomas Ellis. The board’s recommendation will be sent to the Nevada Gaming Commission for final approval on Jan. 21.
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Birnbaum said that once Dreamscape begins operating the Rio in the next two years, the property will receive “a monstrous refresh” and reexamine the food and beverage facilities that make the most sense for the 2,500-suite property off the Strip, which opened in 1990.
Dreamscape currently owns the property, which is operated by Reno-based Caesars Entertainment Inc. Birnbaum’s company announced that it had acquired Rio in September 2019 for $516.3 million. Under the purchase agreement, Caesars will operate the property for two years and pay $45 million in annual rent. There is an option for a one-year lease extension, which will cost Dreamscape $7 million.
In an interview after the deal was announced, Birnbaum dismissed reports that the 90-acre Rio campus, which includes 22 acres of unused property, would be turned into a major league baseball stadium in an effort to attract a franchise to Southern Nevada. There were also persistent reports that the building had been blown up to make way for a new opportunity.
“It’s amazing that rumors get thrown out there,” he told council members. “We’ve heard all about how we’re going to tear it down. I’m a big baseball fan, so I was excited to hear that we were recruiting the Oakland Athletics (to go to Las Vegas), but it never happened.”
Best Things To Do At The Rio Hotel And Casino In Las Vegas
Birnbaum told board members that the COVID-19 pandemic has slowed his company’s plans to move quickly to upgrade Rio. He said he enlisted the help of Cosmopolitan of Las Vegas CEO Bill McBeath as a gaming consultant.
“We’re real estate guys and I don’t claim to be pro-gambling,” Birnbaum said. “We’ve surrounded ourselves and learned a lot along the way from what we consider to be the best and brightest in the industry. We are humbled and look forward to building a top quality team and project.”
Birnbaum said he was happy to see Rio reopen on Dec. 22 after being closed since March.
“All we had to do was put the numbers in the spreadsheet,” he said. “We didn’t get to see the asset and see those numbers live when we owned it. It is unfortunate that we could not make it due to covid. Fortunately, on December 22nd, Rio partially reopened, so we’re starting to get a little behind in real time, which is great.”
Rio All Suite Hotel & Casino, Las Vegas
Once Dreamscape takes over the property, Beerbaum said he expects Plano, Texas-based Ambridge Hospitality to “take an active role in operating the hotel.” Until then, Birnbaum and Ellis need to beg for a deeper adequacy search. The two first met when they both worked at Vornado Realty Trust, a New York-based real estate investment trust.
Birnbaum said the biggest challenge will be matching the property’s amenities to the expected customer profile, which he calls “affordable luxury.”
“We are not Win. We are not Cosmo. We’re not the high end,” he said. “But we’re not the bottom. We consider it affordable luxury. You get good value for what you get and it’s a good experience at a price where you don’t feel ripped off.”
Birnbaum believes his company will have an advantage in being able to focus 100 percent on the Rio, while the property was just one of many in the Caesars portfolio.
Rio De Janeiro Hotel And Resort
“It’s creating an aesthetic that feels up-to-date and relevant and then curating that with experiences, specifically relevant food and beverage brands that appeal to who we think our customer is,” he said. “We know, or at least we think we know, who our customer is, and we’re going to build a product that targets that customer.”
He also expects a strong comeback for Rio and Las Vegas once the effects of COVID-19 wear off.
“Our view is that there will be a vaccine, and as a result, there will be a lot of pent-up demand,” Birnbaum said. “Our view — and we could be wrong — is that Vegas is really poised to benefit from this.”
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In all, a spotty October performance on the Strip from downtown Las Vegas generated a record $90.5 million and gave Nevada its 20th straight month of wins over $1 billion.
Our Strip skyline is already ridiculous, in the best possible way, with its pyramids, Eiffel Tower and Statue of Liberty. It could be even weirder.
The Macau government will sign new concession agreements for Las Vegas Sands Corp., Wynn Resorts Ltd., MGM Resorts International and three other companies.
A new Wildfire casino with an updated look is expected to open in February
Rio All Suite Hotel & Casino
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