He also noted that Rio’s 250,000 square feet of conference space separate from the casino would be worth enhancing, including matching the quality of rooms with an upgraded meeting space. Suffice it to say that we believe that this asset has unbelievable potential.”īirnbaum wouldn’t disclose a budget for improvements to the property, but said his team would include seasoned gaming industry veterans. “It’s a little premature for me to reveal exactly how we’re going to do that and what we’re going to do because we don’t want to spill the beans just yet.

“We’re not doing this blindly so we obviously have a strategy and an idea as to who our customer is and how we’re going to position the asset,” Birnbaum said. He plans to study that property’s positioning as well as research the best fit for the Rio. “The way our deal is structured with them is they will manage this asset and they will pay us rent for the next two years, so we have nothing to do other than put together our plan and renovation strategy over the next two years,” Dreamscape owner Eric Birnbaum told the Review-Journal.īirnbaum’s company currently operates the nongaming Westin Las Vegas on Flamingo Road.

Caesars will pay annualized rent of $45 million while Dreamscape strategizes on to whom and how it will market the resort.

Caesars 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. Dreamscape will have plenty of lead time to determine how to drive customers to the 2,500-suite off-Strip property.

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