The Rio Hotel & Casino in Las Vegas is under new ownership, less than a decade after Caesars Entertainment sold the property to a real estate development firm.
According to a report from Vital Vegas, Kennedy Lewis Investment Management has acquired a majority ownership stake in the Rio, bringing the storied Las Vegas entertainment and hospitality property under the ownership of a private equity firm.
Kennedy Lewis is the new majority owner of the Rio, succeeding Dreamscape Companies, a New York-based real estate development and investment firm. In 2019, Dreamscape acquired the Rio from Caesars Entertainment in a deal valued at $516m.
Dreamscape, owned and controlled by Eric Birnbaum, included in the transaction a $45m annual rental fee to allow Caesars to continue operating the Rio for a minimum of two years. Dreamscape took over full control of the Rio’s operations in October 2023.
Under Dreamscape’s ownership, the Rio initiated a renovation plan that cost roughly $350m to complete. The renovations were completed in 2024, and one year later, Dreamscape received a $176.5m Commercial Property Assessed Clean Energy loan from Peachtree Group to support improvements for energy efficiency and water conservation.
The renovations the Rio underwent included a modernization of roughly 2,500 guest rooms and 150,000 square feet of casino floor. Dreamscape worked with architectural and design firms Gianpiero Gaglione Interior Design and Marnell Architecture for the project.
The Rio is now controlled by Kennedy Lewis, but Dreamscape is still tied to the property as a minority stakeholder. The property’s ownership group also underwent additional changes, with hospitality industry veteran William McBeath relinquishing his stake in the company.
McBeath is no longer a part-owner following a buyout by Kennedy Lewis.
New leadership for The Rio
In addition to a new owner, the Rio has appointed Rod Turlan as chief executive officer, replacing Patrick Miller.
Turlan joins the Rio after spending more than five years as an executive at Caesars. In addition to CEO, Turlan will also serve as President of the Rio.
Kennedy Lewis also replaced Christopher Balaban as chief financial officer. The Rio’s financial operations are now overseen by former Jamul Casino Resort CFO Lori Ware.
“Rod Turlan, together with these newly hired executives and our existing leadership team, brings the right combination of experience and talent to Rio at this important stage of its transformation,” said Birnbaum in the statement.
“We are excited to welcome these seasoned leaders to the team as we continue building on Rio’s momentum and positioning the property for long-term success”.
The Rio also has a new vice president of sales, Ashley Lowe, who previously held the same role at M Resort Spa Casino. The Rio’s marketing efforts also got a boost with a new hire.
The company has appointed Vince Lentini as senior VP of marketing. Lentini brings a wealth of experience in gaming with stints at Affinity Gaming, Hard Rock and Caesars.
SBC Americas reached out to the Rio for comment on its new ownership and leadership.
