LAS VEGAS (AP) — The Rio Las Vegas hotel-casino announced Thursday it will partner with Hyatt Hotels Corp. to rebrand and renovate the more than 2,500-room property just west of the Las Vegas Strip.
The two companies said the redevelopment will affect hotel amenities, the casino floor and stores, food and beverage locations.
Dreamscape founder and CEO Eric Birnbaum called the property a perfect space for a multipurpose venue, and welcomed Hyatt's involvement.
Dreamscape purchased the Rio from Caesars in December 2019 for $516 million.
In a statement, Kimo Bertram, a Hyatt vice president, promised the development would feature multiple Hyatt full-service brands.
Financial terms were not disclosed.
The companies said one existing hotel tower will become a 1,501-room Hyatt Regency. The remaining tower and rooms are expected to be branded or affiliated with another Hyatt brand once they are renovated.
The Rio was built by Marnell Corrao Associates west of Interstate 15 and opened in January 1990 with a Brazilian Carnival theme.
Harrah’s Entertainment bought it in 1999 for $888 million, and the property became home to the World Series of Poker after the company name changed in 2004 to Caesars Entertainment Inc.
It has also been home to performances by illusionists Penn & Teller.
The hotel closed in March 2020 due to the coronavirus pandemic and reopened in December.
Before you consider Hyatt Hotels, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Hyatt Hotels wasn't on the list.
While Hyatt Hotels currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
MarketBeat has just released its list of 20 stocks that Wall Street analysts hate. These companies may appear to have good fundamentals, but top analysts smell something seriously rotten. Are any of these companies lurking around your portfolio? Find out by clicking the link below.
Get This Free Report