Nevada Gaming Control Board recommends licences for Rio and Fontainebleau execs
Both recommendations are subject to final approval by the Nevada Gaming Commission.
US.- In separate unanimous votes, the Nevada Gaming Control Board has recommended approvals of gaming licences for executives of the Rio and the Fontainebleau. Final approval for the recommendations will be decided by the Nevada Gaming Commission, which is scheduled to meet at the end of the month.
Approval would allow the Rio’s new ownership to begin a $350m, 18-month renovation project, while owners of the Fontainebleau will need a second hearing with gaming regulators for final licensing approval before the planned opening of the North Strip resort in December.
The Rio casino operation, managed by Caesars Entertainment, was acquired from Caesars by Dreamscape in December 2019 for $516m. The existing Caesars management agreement ends on October 1, when Dreamscape will take over operations if licensing is approved.
Dreamscape’s multi-year redevelopment will include a renovation of the 2,500 all-suite guest rooms, 150,000 square-foot casino floor and 220,000 square-foot meeting and conventions space.
Fontainebleau Las Vegas is a joint development by Koch Real Estate Investments, the real estate investment arm of Koch Industries, and Fontainebleau Development, a hospitality and real estate group founded by chairman and chief executive officer Jeffrey Soffer and led in partnership with Mufson as president.
