Dreamscape Gaming was able to get $850 million, which will be used to fix up the Rio Casino in Las Vegas and look for more investments.

Eric Birnbaum, a veteran of the real estate business, started Dreamscape Companies in New York. On Wednesday, Wells Fargo and Raymond James announced that the company had successfully raised $850 million in new capital.

In particular, the company is looking to make investments in properties that are comparable to its Rio Hotel & Casino Las Vegas property. 

The capital increase will be used to finance the restoration of Dreamscape’s first gaming site, the Rio Hotel and Casino, which will be done in numerous phases.

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The funding will be used by the corporation to “reimagine” the facility, which consists of two towers, in order to transform it into “a flagship resort and casino experience with upgraded amenities.

In 2019, Dreamscape paid $516 million to Caesars Entertainment to buy the Rio from the company that owned it before.

Until this year, Caesars was in charge of property management under the terms of the agreement. The resort, which first opened in 1990, will stay open during the whole time it is being fixed up. In 2023, the company will officially take over the resort and run it.

Alongside the opening of Dreamscape Entertainment Properties and Dreamscape Entertainment Integrated Resorts, the funds raised will also allow for the establishment of two independent Dreamscape platforms.

The Oakland Athletics might build a $1 billion ballpark on the land where the Rio sits, according to the Review-Journalpic.twitter.com/whS4LoXIUe

— Las Vegas Locally 🌴 (@LasVegasLocally) February 16, 2023

The first company is called an experiential real estate investment trust (REIT), and it will own gaming, hospitality, and entertainment assets.

The second company, on the other hand, will operate gaming, hospitality, and entertainment assets. According to a press statement, both parties want to concentrate their efforts on investing and operating in markets that are “strategic in location, high in barriers to entry,” and that has “asymmetric development potential.”

Casino and Entertainment as Core Businesses

Birnbaum says that as Dreamscape grows and changes, the gaming and entertainment industries have always been a natural fit for the company and will become an important part of our business in the future.

They are deeply committed to developing exciting opportunities for dynamic lifestyle experiences. It is his firm conviction that both they and our team, with its one-of-a-kind development capabilities, investment savvy, and extensive operating expertise, are well positioned to emerge as a differentiated leader within this market.

Dreamscape founder/CEO knows how much people liked the @RioVegas in the 1990's.

Back in 2021 he said that the Rio name and theming will remain. The two hotel towers will be Hyatt with a Hyatt Regency, like Resorts World/Hilton. (Rio/Hyatt)

📸Review-Journal June 4, 2021 pic.twitter.com/yX8ghOPqzB

— Vegas Visual (@vegas_visual) February 24, 2023

According to the company, “at the center of Dreamscape’s concept” are lifestyle-oriented real estate and hospitality investments. It is anticipated that Dreamscape will receive the foundation necessary to scale within the entertainment and gaming industries as a result of the new platforms, in addition to the impending redevelopment of Rio.

The company already owns and operates assets in Nashville, Miami, New York City, Los Angeles, Phoenix, New Orleans, Charleston, and Philadelphia, giving it a portfolio that is geographically broad.

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