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LAS VEGAS (KLAS) – The poker tables were packed, celebrities were in attendance, and the pool was electric. Once upon a time, the Rio Hotel & Casino shone as brightly as the neon lights that lit up the west side of the Las Vegas Strip.
But the neon has since lost its vibrancy. It’s a very different perception from his stellar success from 1990 to the 2000s.
Outdoor zip lines are permanently closed, some restaurants are empty, parades that hang performers and floats from casino ceilings have ceased operations, and social media is becoming more and more popular as the rise of online reviews gains momentum. Guests have begun to express concerns about safety and enjoyment. . One influencer described the property as having an “abandoned mall feel” and being “falling apart.” It was also the epicenter of an outbreak of Legionnaires’ disease in 2017.
The new owner now has the keys. They’re combining that with their wallets to restore the historic hotel to a vibrant place that guests will remember.
Eric Birnbaum saw an opportunity by juxtaposing guests’ lack of experience with their penchant for nostalgia. His New York-based real estate company, Dreamscape, purchased the property from Caesars Entertainment in 2019 for $516.3 million.
“Historically, before we took over, you would have to wait in a four-hour line to check in,” Birnbaum said Thursday afternoon at the hotel’s wine cellar, which reopened to the public after several years of closure. & said in the tasting room. “We always felt like we could get back to where we were. We just needed capital, we needed the right management team, we needed attention and focus.”
Caesars Entertainment has continued to operate the property directly across the highway from Caesars Palace since the lease sale, but Dreamscape became the full operator in October 2023. Their $340 million renovation project began a few months ago this summer, resulting in a total investment in the facility. , so far, has reached almost $860 million.
“Everything had to be rethought, rethought and ultimately changed,” Birnbaum said.
Keys in hand, the CEO and his team danced to welcome guests to a busy Las Vegas weekend while simultaneously renovating Ipanema Tower’s 1,500 suites, updating convention space, and converting the buffet into a food hall. , redesigned the four pools. We reopened the wine cellar, installed 500 slot machines, and made the outdoors memorable and vibrant.
Current efforts are focused on completing the unfinished pool, enhancing the entrance area, making changes to the lobby, and renovating the casino floor and sportsbook.
In the meantime, Birnbaum said that in addition to Penn & Teller, one of the longest-running shows in Las Vegas at the hotel’s theater, most renovated rooms and a restaurant are now available, and that the property recently was named the first Hyatt destination in Nevada. .
But when the white walls that concealed construction inside the hotel are torn down, will guests embrace the hotel as they did decades ago? Birnbaum says the investment challenges current perceptions. I claim that it will be.
“These are battleships that you’re trying to turn around, and we’re slowly turning around and taking Rio back,” Birnbaum said. “You can’t fool your customers. You can’t fool your guests. They’ll know, and every blog, every TikTok, and everything will eventually see the truth. The truth is that we… It’s all about where we position this project and what we offer our guests.”
Guests will have the final say when the entire project is completed in 2025.
The revitalization of the 1,012 rooms in the Masquerade Tower and surrounding public areas will begin after the first phase concludes in the fall.
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