Rio Suite Hotel Celebrates 30 Years as Trendsetting Las Vegas Resort

Rio Suite Hotel in Las VegasBring out your Mardi Gras masks, because it’s time to celebrate the Rio Suite Hotel’s 30th birthday. The groundbreaking hotel shook up the Las Vegas resort scene when it opened on Jan. 15, 1990.

With the countless number of resorts on the Las Vegas scene now, it’s easy to forget how the Rio pioneered the way to the norm that’s industry standard today. The Rio was the first of its kind when it put the buffet kitchen in the dining area, when it opened a large-scale nightclub, and when it enticed crowds to its pool with white sands and exotic parties.

The off-Strip Brazilian-themed property also had the first all-suite resort in Las Vegas, with floor-to-ceiling glass in all the rooms. They also perfected the art of on-resort entertainment, with Danny Gans being the first start headliner to command a $100 ticket per show. Magic-show entertainers, Penn and Teller, have been serving laughs at their show that’s been running on the property since 2001.

Rio’s Highlights Over the Years

The Rio has had a colorful past thirty years indeed. Early visitors will recall being greeted by women dressed in colorful costumes with artificial fruit baskets on their heads.

In its heyday, it hosted its famous “Masquerade Show in the Sky,” that Rio guests were able to enjoy several times a night. It’s a much-missed attraction that amused both tourists and locals from Feb. 7, 1997, to its final performance on March 30, 2013.

The color spectacle included performer-laden floats traveling along a track on the ceiling and singers and dancers performing on a two-story, floor-level stage. Audience members can remember eagerly trying to catch beads tossed by performers.

In 1998, the Rio opened its Convention Center, that would later set the stage for the 2005 World Series of Poker Tournament. In 2006, Harrah’s purchased Caesars properties, including the Rio, for $9 billion. Caesars sponsorship of the WSOP helped fill the hotel to maximum capacity.

It was even the home of the late Prince’s residency in the 2000s.

The Chippendales show has also had its famous run there, usually falling under the first-time Vegas visitor’s to-see list.

New Owner: Looking To the Future

On Dec. 5, 2019, the newly formed Dreamscape Companies, became the new owner of the hotel in a $516.3 million deal. It has major hopes bringing the property back to its former glory.

Dreamscape will have plenty of lead time to determine how to drive customers to the 2,500-suite off-Strip property. Caesars Entertainment will continue to operate the building for two years with an option for a third year before Dreamscape takes over with its own management team, according to a Securities and Exchange Commission filing. Caesars will be paying rent of $45 million annually. This is all while Dreamscape strategizes on to whom and how it will exactly begin to advertise the resort.

The 22 acres of unused land, part of the 90-acre Rio campus, also provides potential opportunity, with potential development plans possibly including a Major League Baseball stadium, though it hasn’t been confirmed.

Even with the new management and ownership, the Rio will still continue to host Caesars’ popular World Series of Poker tournament, at least next year. The hosting rights still remain with Caesars Entertainment, but they will eventually make decisions on where to host the event in the future. The 2019 WSOP event attracted a record of more than 154,000 entrants.

Caesar Entertainment’s Sale of the LV Rio Hotel Casino is Complete

In September, Caesars Entertainment announced it was selling the LV Rio Hotel Casino in Las Vegas, Nevada. Obviously, a deal of this magnitude takes months to complete. This week, the Rio’s sale was officially completed.

LV Rio Hotel Casino

This company is looking to earn as much money as possible right now. It’s set to merge with Eldorado Resorts in 2020. Here’s what the Rio sale means for Caesars moving forward.

Caesars Entertainment Posts Solid Q3 Revenue Figures

Caesars Entertainment is having an interesting year. In March, news surfaced that the company was in talks to merge with Eldorado Resorts. In June, the company officially accepted Eldorado’s offer to be acquired for an astounding $17.3 billion.

This deal is taking quite a while to complete. Before the companies can merge, they both need approval from various gambling commissions around the country. This is taking much longer than initially expected.

Fortunately, Caesars is continuing to perform well this year. New reports indicate that the company generated serious revenue earnings in 2019’s third-quarter. From July to September, It generated $2.24 billion.

Despite an operating and net loss, Caesars Entertainment still managed to see a profit gain of $110 million. The majority of this money came from Las Vegas. Revenue from the city increased by 7% last quarter to $973 million.

One way that Caesars is generating revenue is from selling property. Earlier this year, the company announced it was putting the LV Rio Hotel Casino up for sale. This week, the sale was finally completed.

Caesars Entertainment Completes Sale of LV Rio Hotel Casino

Property sales are becoming a common trend in Las Vegas. Several of the biggest casino operators in the city are beginning to sell some of their most valuable venues. MGM Resorts International, for example, recently sold both Circus Circus and The Bellagio.

In September, Caesars announced that it was selling the LV Rio Hotel Casino. The company claimed it was being purchased for $516.3 million. This week, the sale of this hotel-casino was finally wrapped up.

According to an official press release, the venue has been purchased by Dreamscape Companies, owned by Eric Birnbaum. Under the terms of this agreement, Caesars will continue to operate the LV Rio Hotel Casino for the next two years and will pay an annual rent of $45 million.

For now, the Rio will stay under the Caesars Rewards program. This may end once the company’s lease expires. The 2020 World Series of Poker will also continue to be held here during this time.

The completion of this sale comes at a great time for Caesars Entertainment. Hopefully, it helps to speed up the merger with Eldorado Resorts.

Missouri Approves Eldorado Resorts-Caesars Entertainment Merger

The merger between Eldorado Resorts and Caesars Entertainment is the biggest ever made between two casino companies. Unsurprisingly, this deal is taking months to complete. Before the companies can officially join together, they need approval from the 17 gambling commissions that they both operate here.

This week, members of Missouri’s gambling commission officially gave their approval for the merger. Both Caesars and Eldorado Resorts operate gambling venues here.

More states are likely to give their approval of the deal soon, as well. Tom Reeg, CEO of Eldorado Resorts, feels confident that the merger will be completed during 2020’s first half.

The LV Rio Hotel Casino has officially been sold. Caesars is likely to put more of its Las Vegas venues up for sale in the next few months.

Stay tuned for more updates on the situation over the next few months!