This shuffle has resulted in little, if any, visible effects for the masses of tourists who cram the Strip. Las Vegas Boulevard is dominated by rent-collecting landlords, as massive hotels on the Strip were sold in recent years for billions of dollars to investors who locked in huge lease rates.
The Brazilian-themed hotel-casino, on Flamingo Road about a mile west of the Strip, opened in 1990 and was acquired by Birnbaum in 2019. The funds also will be used to bankroll a “multi-phase renovation” of the Rio, the release said. It’s launching a real estate investment trust that will own casino, hospitality and entertainment assets, and an entity to operate such businesses, according to a news release. His firm, Dreamscape Companies, recently announced that it raised $850 million in capital.
(Ellen Schmidt/Las Vegas Review-Journal) casino operators making hefty rent payments, Rio landlord Eric Birnbaum wants more of the action.
