Dreamscape receives Nevada Gaming Control Board approval for suitability

The Nevada Gaming Control Board recommended a preliminary finding of suitability for the two Rio All-Suite Hotel & Casino executives and the new owner Dreamscape businesses.

On January 21, the Nevada Gaming Commission will issue the final sustainability approval, and Eric Birnbaum and Thomas Ellis will need to go there to pick it up.

According to Birnbaum, the Dreamscape organization is making plans for the upcoming two years. By 2022, they hope to start running the off-Strip property.

Caesars sold the Rio All-Suite Hotel and Casino in Las Vegas to a business connected to Birnbaum's Dreamscape the previous year. It was a $516.3 million deal.

Caesars agreed to administer the property for two years in exchange for Dreamscape paying $45 million in rent every year as part of the agreement. Under the same terms, Caesars may also renew its lease for $7 million. But given that Birnbaum anticipates Dreamscape acquiring the property before 2023, it appears that this is not a possibility.

In December, Rio reopened.

Many casino colossi, like MGM Resorts, chose to reduce their operations and operating capacity after the coronavirus epidemic exploded last year, but this was not the case with Caesars' locations. As one of them, Rio was forced to shut doors in March as Nevada battled the pandemic's spread.

After closing for eleven months, the facility reopened in December. Birnbaum claimed that the pandemic greatly hampered his intentions to quickly modernize Rio. He fully denied the idea of turning the 90-acre complex of the Hotel and Casino, which is currently vacant, into a major league baseball stadium.

Bill McBeath, CEO of the Cosmopolitan of Las Vegas, has been consulted on gambling issues for the Rio's future, according to Birnbaum.

Additionally, Birnbaum announced his company's desire to take over the property from Caesars before 2023. By then, he and Ellis will need to apply to the Board for a more detailed determination of appropriateness.

The owner of Dreamscape anticipates Texas-based Aimbridge Hispitality will play a significant role in managing the hotel.

The ability of the facility to fit the consumer profiles is Birnbaum's largest difficulty. He declares his confidence in Rio's ability to provide the best of everything at a very reasonable cost. "We are not premium. We're not the low end, though. It represents approachable luxury to us. You feel like you are getting a fair deal for what you are paying, and it's a satisfying experience at that price.

Birnbaum anticipates that after the pandemic is finished, Rio will begin to realize its full potential. "In our opinion, there will be a vaccine, and as a result, there will be a lot of unmet demand in the near future. Although we could be mistaken, we believe that Vegas is well-positioned to gain from it.