The Rio will reportedly start a $350 million refurbishment of its 2,500-room resort and casino, while Fontainebleau plans to further boost its $ 3,9 billion development if the respective gaming licenses for both facilities are approved by the Nevada Gaming Commission on July 27, 2023. The Rio will reportedly start a $350 million refurbishment of the 2,500-room resort and the casino while Fontainebleau plans to further boost its $ 3,9 billion development if the respective gaming licenses the two facilities are approved by the Nevada Gaming Commission on July 27, 2023.
As Review-Journal reports, gaming licenses for both the
Rio and the Fontainebleau have been separately recommended for approval by the Nevada Gaming Control Board. According to reports, the board recommended that the Dreamscape companies Inc. executive Eric Birnbaum be approved to receive the license for the Rio. As reported, the board also recommended a preliminary finding of suitability for Bowtie Hospitality LLC executives Jeffrey Soffer and Brett Mufson to operate the Fontainebleau.Rio Management Set for Take Over:
Dreamscape Companies Inc acquired the Rio casino operation from
Caesars Entertainment Inc in December 2019, but the contract provision anticipated that the New York-based company would take over the management of the resort from Caesars on October 1, 2023. If the Nevada regulator approves the license, Dreamscape will be able to kick off the Rio operation as of this date.Fontainebleau Run by Original Developer:
On the other hand, Fontainebleau had several owners since its development started in 2007 to be acquired by original developer
Soffer in 2021. According to Review-Journal, both the Fountainebleau and Rio will have their final license approvals considered by the Nevada Gaming Commission on July 27,2023. According to Review-Journal, both the Rio and the Fountainebleau will have their final license approvals considered by the Nevada Gaming Commission on July 27,2023. For this reason, the executives of both companies reportedly appeared before the Control Board to present the news about their respective projects.
$350 Million Rio Redevelopment:
Birnbaum informed the Board that the Rio project was not affected by the COVID-19- induced shutdowns. The company reportedly used the shutdowns to develop its project strategy. The first phase, which will begin in August 2023, will include the renovation of the 1,500 rooms in the Ipanema tower as well as the entire casino floor and the 150,000 square foot pool area. The second phase of the renovation will focus on the 1,000-room Masquerade Tower and the associated outlets, according to the source.Birnbaum reportedly also said that the Rio’s popular buffets will be replaced by the food court concept within the scope of the redevelopment. To stimulate convention business, the company will launch a new loyalty programme with
Hyatt hotels. Review-Journal also reports that Dreamscape’s lease-back agreement for the property with Caesars time expires in December 2023 to facilitate the renewal or different plans by Dreamscape.$3.9 Billion Fontainebleau Development:Soffer and Mufson reportedly informed the Control Board that the 67-storey Fontainbleau property will represent a
$3.9 billion investment for the company. When completed, the property will have a total of 3,644 rooms and 421 suites. It is currently a construction site that employs almost 4,000 people a day. As reported, the company will hire around
to ensure “intense diverse backgrounds of leadership,” as Mufson referred to the 247 executives hired, with 56% of women and 35% of people of color.Abnormally Large:The resort will include a 150,000-square-foot ground floor casino, 1,300 slot machines, and 128 table games. The resort will include a sportsbook, a gaming room and six private gaming rooms. The retail promenade, spa, and fitness center will be featured on the second floor, and the third floor will include a pool, all relatively large by Las Vegas standards.Mufson reportedly explained:“Part of our culture and infrastructure is to lean into the health and wellness facilities that we have. That’s why our fitness center and spa are abnormally large.”Review-Journal reports that Fontainebleau will also include 36 first-to-market food concepts, 550,000 square feet of meeting space with 57 meeting and breakout rooms and four ballrooms, including the second-largest ballroom spread across 106,000 square feet referred to by Mufson as the facility capable of accommodating a baseball thrown from the front entrance. The 3,800 seat theater will be used to host concerts, sporting events and other similar events. According to reports, the property could be considered for launch in December 2023 in November.