Plans for Rio

No
They could pay CET 7M to manage it for 1 year extra only.

"Birnbaum’s company announced that it had acquired the Rio for $516.3 million in September 2019. Under terms of the purchase agreement, Caesars would manage the property for two years and pay $45 million in annualized rent. There’s an option for a one-year lease extension that would cost Dreamscape $7 million."

 

I believe they've said that they're going to run the casino as a company, but bring in experienced folks to directly manage it.

 

Uber is an absolute godsend from a transportation perspective out if if you're not in the resort corridor, but if I had a nickel for every ridiculous rumor an Uber driver repeated to me (and to be fair, it's not just them... taxi dispatchers, bartenders, line-level hosts, and floor security does the same), I'd have approximately a metric ton of nickels.

 

Amen, Praise Be The Lord!
I would love to see the Rio restored. Back in the day we stayed at the GC or Orleans and always spent some time at the Rio. Had to have a drink or two outside at Voodoo every trip. Always felt it was a cross between the Strip and a locals place, until Harrah$ bought it and let it go to seed. Marnell did such a great job building it, only to have them beat it up.

 

It's got good bones for sure.

That's exactly how I would describe it, cross between Strip and locals, but they went a bit adrift. In addition, they have an absolutely enormous conference center, but that segment doesn't exist right now, and they don't really attract casual tourists. Palms was similar, they had high locals appeal, but then tried to go far too upscale and spent far too much money on the renovation.

 

Rio excelled when it had for-the-time different accomms (meaning large); a broad mix of REALLY good eats across the spectrum; a unique, kitschy but fun look and hook; good gambling. Then McHa$$ah'$ moved in and does what it does, sadly, quite well.

 

It would be nice to see Rio return to its former glory. When Harrahs funked it up, that was when I pulled up stakes and left. Rio was my home for several years.

 

Totally agree. It's not an old relic, so just clean it up and update.
On the upscale topic, in the early 2000s, friends and I went to the Rio to watch Parade and have some cocktails. They both had house rum and coke and I had the house chard. The round came to about $28, a bit pricey for off strip. Jim was going to get another round, but I suggested we get drinks at the GC where we were eating. The show was dark anyway. At the GC, he went to the bar for drinks and I tagged along. Again, two house rum and cokes along with a house chard, which happened to be the same brand. The tab was just under $15. Almost half! During that period I felt they were trying to convince people they were actually on the strip, not a mile off. Go back to the 90s attitude and things will be better.

 

Stayed there a few times in the 90s and loved it. Then Harrah's came, the atmosphere changed, I and I went.

 

It was a great place for family vacations once. We could get a large suite with connecting rooms. Our kids loved the pools and the what used to be a great buffet.

 

Perhaps the Marnell family can return and create something new and exciting in the space. Really need to make the place inviting to both locals and tourists, which the Rio did well under the Marnell's ownership.

Going to CET / MGM casinos these days is like going to Wal-Mart or another corporate big box store.

 

Rio had a Gaylord's Indian Restaurant that was outstanding. The Chicken Tikka Masala was to die for. When it left, I knew the place's days were numbered. But, I hope it comes back strong. I mean, who knows, after Covid is beaten, the sky might be the limit for Vegas. People will be hungry for quality food and entertainment. The Rio was always a great option between the strip and locals, as noted by others.

 

It’ll just be nice to get another company competing to get a slice of the Vegas pie... more competition = more opportunity to feast upon the crumbs

 

Flush out those Hookers......would be a good start !
.
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Rio was a great property - when it opened.
I loved the huge suites w/ floor to ceiling windows.
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I sat next to a shabby, Homeless looking guy, at the pool one afternoon -
It was Mick Fleetwood.

 

Marnell III bought land in Henderson just north of the M, planning to build a hotel casino. His dad might be involved, I think he was when the M was built. Timeline doesn't have ground being broken for at least a year, then two or more to build. They say full recovery will take two years once the virus is under control. Seems like a good timeline to me.

 

I will admit I am not big real estate developer, but I get a laugh out of the idea as others have said of spending $500 million to knock something down for a baseball stadium

all the more so when there is 2X or 3X the acreage of tilt wall warehouses just to the South of Rio.....not a chance in hell it would come close to costing $500 million to buy out a weed store, hooka shop, Ryder Truck rental place, truck stop and all of that other stuff and push all that tilt wall down....the demo cost would be tons less as well

 

We are all experts with other peoples money.

TomTWI

 

Had never heard the term "Tilt Wall" before. (I've got to get out more.) https://www.korteco.com/construction-industry-articles/basics-tilt-construction/

 

Ahh, but what does Vital Vegas say about the ball stadium?!?!?

 

Used too really like the RIO hope it gets back some of it's shine!