He’s interested in properties, both locally and around the U.S., that would complement his Las Vegas resort. As part of that, he confirmed that he aims to buy more casinos as a landlord. In an interview Friday, Birnbaum indicated he plans to grow Dreamscape’s “independent” real estate and operations arms. But huge sums of money have changed hands in this property ownership overhaul. 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.
