IGT to Provide Rio Las Vegas with Casino Management Tech

Posted on: June 28, 2023, 04:00h. 

Last updated on: June 29, 2023, 11:27h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

International Game Technology (NYSE: IGT) has won a contract from Dreamscape Companies to provide technology management services to the Rio Hotel & Casino in Las Vegas.

Dreamscape
The Rio Hotel & Casino Las Vegas. Owner Dreamscape announced IGT will manage casino tech at the property, starting in the fourth quarter. (Image: Points Miles & Martinis)

That agreement will take effect in the fourth quarter when Dreamscape assumes operational control of the venue from Caesars Entertainment. London-based IGT will provide Rio with its IGT Advantage system, and Dreamscape will also use IGT’s M5 content delivery solution to run bonuses on the Lucky Coin and Random Riches gaming machines.

IGT Advantage with the M5 solution and various bonusing and service apps will play integral roles in Rio Hotel & Casino’s capacity to deliver remarkable player experiences and advance our gaming floor and loyalty program,” said Kevin Sweet, Rio Hotel & Casino chief gaming officer in a statement.

Financial terms of the agreement weren’t revealed. Dreamscape is the owner of the Rio’s property assets. Caesars Entertainment (NASDAQ: CZR) continues to operate the venue following a $516.3 million sale-leaseback deal struck between the two companies in December 2019.

More Rio Plans

Separately, Dreamscape announced architecture and design partners for Rio as it plans a major overhaul of the dated venue. Fettle, Gianpiero Gaglione Interior Design (GGID), Lifescapes International, and Marnell Architecture will lead the renovations.

“Looking to fully take over operations in Q4 of this year, Dreamscape’s multi-year redevelopment of the resort includes a full refresh of the 2,500 all-suite guest rooms; 150,000 square-foot casino floor; 220,000 square-foot meeting and conventions space; five acres of luxury poolside amenities and general resort areas, with the design of several new, first-to-market food and beverage concepts,” according to a statement.

Interestingly, Marnell was the original owner and operator of Rio. Additionally, the company has been associated with marquee Strip projects, including Bellagio, the Cosmopolitan remodel, and expansions at the Aria and Caesars Palace convention spaces, among others. Lifescapes International has its own solid gaming resume.

“Lifescapes has created distinct, cutting-edge landscape designs for numerous notable projects, including Wynn and Encore Las Vegas, Bellagio Hotel & Casino, The Mirage, Pendry West Hollywood Hotel & Residencies, Four Seasons Hotel Macao, Fontainebleau Miami Beach, and more,” according to the statement.

Dreamscape Committed to Rio

Earlier this year, New York-based Dreamscape raised $850 million in capital, a portion of which will be directed to refurbishing Rio.

With the intent to preserve the property’s bones and honor its legacy, Dreamscape will use the financing to reimagine the two-tower structure, restoring it into a premiere resort and casino experience with modernized amenities and an array of offerings that speak to today’s gaming and hospitality consumer. The property will remain open throughout the renovation, with the company slated to officially take over and manage operations at the resort in 2023,” Dreamscape said in February.

The company added it may direct some of those proceeds to acquiring other gaming properties.