Las Vegas is slowly beginning to see a new surge of visitors. As a result, many of the casinos here are updating their operating hours and undergoing renovations. New reports claim the Rio Las Vegas is now set for a major upgrade this year.
The Rio has never been the flashiest property in Las Vegas. That could soon change with the renovations being planned. Today, we’ll talk about some of the changes set to come here.
Let’s get into it!
Las Vegas Tourism is Starting to Increase Once Again
Throughout 2020, we learned that Las Vegas relies on tourism in a way no other US city does. The events that unfolded last year took a devastating toll on the city’s economy. No other city was as economically impacted as Las Vegas.
There was no easy fix for this situation. Casinos were eventually given permission to reopen, yet tourism rates remained extremely low here. It was a complicated issue that plagued the city throughout the entirety of 2020.
Things finally seem to be improving, though. Infection rates have been dropping in Nevada lately. As a result, state leaders are allowing the casinos in Las Vegas to increase their occupancy limits and open more amenities.
This, in turn, leads to more visitors in the city. It’s an exciting time for the casino companies here that have seen major drops in their monthly revenue figures due to these tourism slumps. We’re already beginning to see increases in gaming revenue throughout Las Vegas.
A number of major casino renovations have taken place throughout the past year. More are expected to take place over the next nine months. We’re now beginning to hear about some of the major ones being planned to take place in 2021.
The Rio Las Vegas has been a popular venue in Las Vegas for years. Here’s what we know about the new plans for this casino-resort.
A Massive Renovation is Being Planned for the Rio Las Vegas
Las Vegas is an area used to see casino renovations. Some of the biggest gambling venues here have been around for decades. It takes a tremendous amount of work to keep these properties in top shape.
The Rio Las Vegas was opened to the public in 1990. In 2019, Caesars Entertainment sold this property to developer Eric Birnbaum. It now appears that this venue will soon go under new leadership once again.
Reports have confirmed that this venue will soon become part of the Hyatt brand. A major renovation is in the works, as well. It’s a huge piece of news and one that will permanently affect this casino-resort moving forward.
“We are thrilled that Dreamscape will help us bring multiple Hyatt full-service brands to Las Vegas, starting with a Hyatt Regency hotel, which we believe will deliver on the Hyatt Regency brand promise of creating meaningful connections in modern spaces designed for sharing, socializing, and collaborating,” said Kimo Bertram, VP of Hyatt’s real estate division. “We know Las Vegas is an important destination for our guests, World of Hyatt members, and customers, and this project is a significant step for Hyatt as we continue to grow our brands in markets that matter most to our loyal travelers.”
It’s clear that Hyatt expects a major recovery to take place in Las Vegas. Taking control of this property may have been the best-possible option right now. An official date for the renovation of this venue has not yet come out.
This isn’t the only major casino sale to take place in Las Vegas recently. In fact, we may see more of these property sales taking place soon.
Will More Casino Sales Happen in Las Vegas This Year?
Most industries were affected by the global health crisis that began last year. Some, of course, were hit harder than others. It became clear early on that the country’s land-based casino industry was wholly unprepared for the situation it found itself in.
Many of the casinos around the country that shut down in March are still closed to this day. That includes several of Station Casinos’ biggest properties. The owners claim they will keep these venues closed until a clear profit margin can be established with opening.
Some companies chose to part ways with their major Las Vegas casino-resorts. That includes Las Vegas Sands. Not long ago, news broke that LVS had officially sold The Venetian and its major Las Vegas Convention Center. It was one of the largest sales in Las Vegas history.
MGM Resorts flirted with the idea of putting some of its properties for sale, as well. None of the company’s casinos have officially hit the market. With the improvements seen in revenue, that is now unlikely to take place.
Some of the smaller casinos in Las Vegas are still likely to be sold over the next nine months. That’s particularly true with the off-Strip venues struggling to bring in players. We’ll be sure to offer updates on these sales as the year goes on.
Are you surprised to hear about the Rio Las Vegas? Do you think this will help this property? Let us know in the comments section below.