Dreamscape Acquires Rio Hotel & Casino for Over Half a Billion Dollars
The iconic WSOP venue, Rio Hotel and Casino has been swooped up by Dreamscape Companies after months of speculation. The ionic Las Vegas hotel and casino was sold for a whopping $516 Million. Caesars has been running the hotel and casino and some have wondered if that means the casino chain will be abandoning the Rio. What does Dreamscape plan to do with the hotel and casino resort? At this point their intentions are unclear; however, it seems the casino will continue running as normal. Rio will continue to host the World Series of Poker, for the next two years at least. The hotel and casino resort have already been confirmed for the 2020. We expect that the 2021 WSOP will again be held at Rio since it has become the unofficial home of the Poker world series.
Why Dreamscape Paid $516 Million for the Rio Hotel and Casino
Rio Hotel and Casino is an iconic landmark in the Las Vegas skyline, its value aesthetically cannot be overstated. Besides it’s obvious aesthetic appeal the Rio is functionally impressive. The hotel and casino resort boast 2500 suites on its 250 000 square feet or property. In addition to its massive space, Rio has something few casinos and entertainment spots have- ample parking. The traffic brought in by the WSOP is also a huge plus.
Although Dreamscape is taking over, they will do so in stages. For now, Caesar’s will continue running the casino and hotel until 2022. They will pay a $45 million annual rental to Dreamscape for this period, it may seem like a lot but the revenue generated from major events held at the Rio such as the WSOP will be more than enough to handle that.
We look forward to seeing what Dreamscape will make of the iconic Rio Hotel and Casino. Keep up to date with any further developments in our blogs.
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