UPDATE: Rio in Las Vegas Has New Owner & Leaders

UPDATE: The Rio on Monday announced that Patrick Miller, its president and CEO, has been replaced by Rod Turlan, whose title is president and GM. Turlan brings decades of leadership experience from Caesars Entertainment, the Rio’s former owner.

In addition, the Rio announced the hiring of Lori Ware as chief financial officer. Most recently serving the same role at Jamul Casino Resort, she replaces Christopher Balaban, who has since taken a finance role at Grand Seirra Resort in Reno.

Ashley Lowe, most recently VP of sales at M Resort, has also joined the Rio as senior VP of sales. And Vince Lentini has joined as senior VP of marketing, most recently serving as VP of casino at Margaritaville at Sea.

“Rod Turlan, together with these newly hired executives and our existing leadership team, brings the right combination of experience and talent to Rio at this important stage of its transformation,” Eric Birnbaum, CEO of Dreamscape Retail & Entertainment, said in the statement. “We are excited to welcome these seasoned leaders to the team as we continue building on Rio’s momentum and positioning the property for long-term success.”

EARLIER: The Rio Hotel & Casino has undergone a quiet but seismic power shift, as private credit firm Kennedy Lewis Investment Management has emerged as the majority owner of the off-Strip resort. The news was broken by Casino.org’s own Vital Vegas, who quoted individuals familiar with the transaction. The move reduces Dreamscape Companies, which acquired the property from Caesars Entertainment in 2019 for $516.3 million, to a minority stakeholder.

A previous minority stakeholder, longtime casino executive Bill McBeath, is no longer part of the ownership group. His exit follows a buyout by Kennedy Lewis, Vital Vegas reported.

The ownership transition has coincided with a significant restructuring of Rio’s executive ranks. Multiple senior leaders have departed in recent weeks as contracts quietly lapse and new leadership consolidates control.

Among the confirmed departures:

• Christopher Balaban, chief financial officer
• Michelle Engstrom, VP of marketing
• Laurae Clifford, VP of global sales

Engstrom has been replaced by Vincent Lentini, whose résumé includes roles at Affinity Gaming, Hard Rock Biloxi, and Caesars Entertainment. Balaban has since taken a finance role at Grand Sierra Resort in Reno.

The changes come as Rio continues a multiyear renovation effort under Dreamscape’s redevelopment plan. The resort remains operational during the phased overhaul, which includes room remodels, new dining concepts and refreshed public spaces.

Who’s Left?

According to Vital Vegas, industry sources say Rio’s current president and CEO, Patrick Miller, remains in his role, though several insiders describe his authority as diminished as new ownership asserts its vision. Miller, a veteran of MGM Resorts International, took the reins as the Rio’s president and CEO in January 2024.

Two figures are now widely viewed as central to Rio’s strategic direction:

• Lloyd Nathan, Chairman of Rio Real Estate Holding Company LLC
• Pavan Kapur, a former Caesars Entertainment executive brought in by Dreamscape to oversee commercial operations

Both are said to be heavily involved in operational decision making as Kennedy Lewis evaluates the property’s performance and future positioning.

Rio faces a challenging competitive landscape. The resort sits in a corridor that includes Gold Coast and Palms, two properties that draw from the same mix of locals and value-oriented tourists. Despite the headwinds, Rio continues to operate popular amenities including Penn & Teller, a large pool complex and extensive video poker inventory.

There is no indication of additional layoffs at this time.

Vital Vegas will continue monitoring developments as Rio’s new ownership structure takes shape.