Rio Hotel & Casino Las Vegas Officially Joins the Destination by Hyatt Brand and Completes Phase One of its $340 Million Transformation

Rhea-AI Summary

Rio Hotel & Casino Las Vegas has officially joined the Destination by Hyatt brand, completing phase one of its $340 million transformation. As the largest property in Hyatt's global portfolio by room count, the renovation included modernizing the 1,500-room Ipanema Tower, introducing six new culinary destinations in the Canteen Food Hall, renovating 220,000 square feet of meeting space, revamping the pool district, and upgrading the casino floor with 500 new slot machines and 30 table games.

Phase two will focus on redesigning the Masquerade Tower guestrooms and public spaces. The property now participates in the World of Hyatt loyalty program, offering members points earning and redemption opportunities.

Positive

• Completion of first phase of $340 million property transformation
• Addition of 500 new slot machines and 30 table games
• Renovation of 220,000 square feet of meeting and convention space
• Integration into World of Hyatt loyalty program, potentially attracting new customer base
• Modernization of 1,500 rooms in Ipanema Tower

Negative

• Significant ongoing capital expenditure with phase two renovations still pending

Insights

Real Estate Investment Analyst

The $340 million transformation of Rio Hotel & Casino represents a significant strategic investment in Las Vegas's hospitality sector. The completion of phase one, which includes the renovation of 1,500 suites in the Ipanema Tower, 220,000 square feet of modernized meeting space and expanded gaming facilities, positions the property for enhanced revenue potential in both leisure and convention segments.

The timing aligns with Las Vegas's post-pandemic recovery and growing demand for premium hospitality offerings. For Hyatt, this acquisition strengthens their presence in a key market and diversifies their revenue streams through gaming operations. The property's off-Strip location, combined with its comprehensive amenities, creates a competitive advantage in capturing both value-conscious travelers and convention business.

Hospitality Industry Analyst

The integration of Rio into Hyatt's portfolio as its largest property by room count marks a strategic expansion of their loyalty program reach into the lucrative Las Vegas market. The dual-phase renovation strategy demonstrates a calculated approach to maintaining operations while upgrading facilities. The addition of diverse dining venues and modernized amenities indicates a clear focus on capturing multiple revenue streams - gaming, food & beverage, meetings and leisure travel.

The World of Hyatt loyalty program integration is particularly significant, as it connects the property to Hyatt's global distribution network and creates new opportunities for cross-selling and customer acquisition. This positions Rio to compete effectively in both the leisure and convention segments while leveraging Hyatt's established brand reputation.

Iconic Las Vegas resort enhances guestroom, meetings and convention and culinary offerings for leisure and convention guests

LAS VEGAS--(BUSINESS WIRE)-- The newly reimagined Rio Hotel & Casino has officially joined the Destination by Hyatt brand, following the completion of the resort’s first phase of its $340 million property-wide transformation. As part of the Destination by Hyatt brand and award-winning World of Hyatt loyalty program, Rio connects guests and members to both the people and place of Las Vegas – offering guests a sense of belonging and the immersive experiences they crave. Rio is owned and managed by Dreamscape Companies.

Rio Hotel & Casino Joins Destination by Hyatt Brand (Photo: Business Wire)

As the largest property within Hyatt’s global hotel portfolio, based on room count, and the first Destination by Hyatt hotel in Nevada, Rio strengthens World of Hyatt’s brand footprint in the one of the world's most vibrant destinations for leisure, convention and group travel.

"We are proud to welcome the new Rio Hotel & Casino to our Destination by Hyatt brand portfolio, celebrating Hyatt's commitment to delivering one-of-a-kind experiences in key markets that matter most to our World of Hyatt members and guests," said Mike Waddell, SVP, Global Franchise Operations, Hyatt. "Rio is an icon reborn, and its legacy and unique character live on. We are excited for our members and guests to discover the experiences that make Rio Las Vegas a standout destination for global travelers.”

Phase one of Rio’s $340 million renovation included the full redesign and modernization of the all-suite resort’s 1,500-room Ipanema Tower featuring a new look inspired by the vibrant spirit of Rio de Janeiro: bold, colorful, and unapologetically radiant. The hotel also recently unveiled six new and distinctly different culinary destinations within the new Canteen Food Hall, 220,000 square feet of newly renovated meetings and convention space, a revamped pool district with four vibrant pools catering to both adults and families, and more than 500 new slot machines and 30 table games on the resort’s casino floor. The renovation is part of a larger vision to create a vibrant and dynamic lifestyle experience at the intersection of affordability and indulgence.

Other highlights from the resort’s phase one renovation include the openings of: Lapa Lounge, a sophisticated and vibrant cocktail destination located in the heart of the resort and inspired by Rio de Janeiro’s iconic Lapa neighborhood, and Luckley Tavern & Grill, a “come as you are” casual dining destination serving an approachable all-American menu. In addition, famed lighting designers Chris Kuroda and Andrew Giffin have created a stunning, programmable light show for the resort's exterior.

Phase two of the resort’s renovation will focus on completely redesigning and modernizing the Masquerade Tower guestrooms and public spaces, ensuring an elevated and cohesive guest experience across the entire property.

“Rio’s Destination by Hyatt brand affiliation marks an exciting new chapter for our resort through our progressive evolution,” said Patrick Miller, President and CEO of Rio Hotel & Casino. “We’ve not only reenergized the resort’s design and experience, but we’ve proudly honored its legacy as a quintessential Las Vegas icon, providing World of Hyatt members and global travelers with even more ways to immerse themselves in our destination’s fun, energetic and eclectic atmosphere."

Rio participates in World of Hyatt, allowing members to earn and redeem points for eligible stays and enjoy waived resort fees on Free Night Awards while elite members can enjoy their World of Hyatt benefits that can include room upgrades and more. Rio is currently participating in Hyatt’s cyber sale that offers World of Hyatt members up to 25% off their stay at Rio, along with over 800 hotels across the Americas. Members can book this offer on Hyatt channels now through December 9, 2024, for stays through April 20, 2025.

Centrally located at 3700 W. Flamingo Road, Rio Hotel & Casino is just a short distance from the Las Vegas Strip and less than a 15-minute drive from Harry Reid International Airport. It offers guests a distinctive and vibrant Las Vegas experience, blending adventure, creativity, and comfort away from the hustle and bustle of the Strip.

To learn more about Rio Las Vegas, visit www.riolasvegas.com.

About Rio Hotel & Casino Las Vegas

Rio Hotel & Casino, which is part of the Destination by Hyatt brand, is located just one block off the Las Vegas Strip on Flamingo Road. It boasts over 2,500 suite-sized guestrooms, including 1,500 newly remodeled suites in the Ipanema Tower. The property features a 220,000-square-foot convention and meeting space, a new 3-acre pool paradise, and a revitalized casino floor with 30 table games and 800 slot machines. Recent additions to the property include the Canteen Food Hall, Lapa Lounge, and Luckley Tavern & Grill. For more information, visit riolasvegas.com and connect with Rio on Facebook, Instagram, and Twitter.

About World of Hyatt

World of Hyatt is Hyatt’s award-winning guest loyalty program uniting participating locations in Hyatt’s Timeless Collection, including the Park Hyatt®, Grand Hyatt®, Hyatt Regency®, Hyatt®, Hyatt Vacation Club®, Hyatt Place®, Hyatt House®, and UrCove brands; Boundless Collection, including in the Miraval®, Alila®, Andaz®, Thompson Hotels®, Dream® Hotels, Hyatt Centric®, and Caption by Hyatt® brands; Independent Collection, including in The Unbound Collection by Hyatt®, Destination by Hyatt®, and JdV by Hyatt® brands; and Inclusive Collection, including in the Impression by Secrets, Hyatt Ziva®, Hyatt Zilara®, Zoëtry® Wellness & Spa Resorts, Secrets® Resorts & Spas, Breathless Resorts & Spas®, Dreams® Resorts & Spas, Hyatt Vivid Hotels & Resorts, Alua Hotels & Resorts®, and Sunscape® Resorts & Spas brands. Members who book directly through Hyatt channels can enjoy personalized care and access to distinct benefits, including Guest of Honor, confirmed suite upgrades at the time of booking, diverse wellbeing offerings, digital key, and exclusive member rates. With more than 40 million members, World of Hyatt offers a variety of ways to earn and redeem points for hotel stays, dining and spa services, wellbeing focused experiences through the FIND platform; as well as the benefits of Hyatt’s strategic loyalty collaborations with American Airlines AAdvantage® and Small Luxury Hotels of the World™. Travelers can enroll for free at hyatt.com, download the World of Hyatt app for android and IOS devices and connect with World of Hyatt on Facebook, Instagram, TikTok and Twitter.

About Destination by Hyatt

The Destination by Hyatt brand is a diverse collection of independent hotels, resorts and residences that are individual at heart yet connected by a commitment to embody the true spirit of each location. Ranging from upper-upscale to luxury, each property is purposefully crafted to be a place of immersive discoveries, authentic design, and warm and welcoming service. As an honored host, each Destination by Hyatt location connects guests to both people and place—offering a sense of belonging that invites all to make our destination yours. For more information, visit destinationbyhyatt.com. Follow the Destination by Hyatt brand on Instagram: @destinationhotels, Twitter: @Destination, and Facebook: Destination Hotels

Forward-Looking Statements

Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable when made, are inherently uncertain, and are subject to numerous assumptions and uncertainties, many of which are outside of Dreamscape Companies or Hyatt’s control, which could cause actual results, performance or achievements to differ materially from those expressed in or implied by such statements. Forward-looking statements made in this press release are made only as of the date of their initial publication and neither party undertakes an obligation to publicly update any of these forward looking statements as actual events unfold, except to the extent required by applicable law. If one or more forward-looking statements is updated, no inference should be drawn that any additional updates will be made with respect to those or other forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121457249/en/

Emily Mekstan

Hyatt

emily.mekstan@hyatt.com



Alden Tseng | Sandra Esparza

Rio Las Vegas | Kirvin Doak Communications

riolasvegaspr@kirvindoak.com

Source: Hyatt Hotels Corporation

FAQ

What is included in Rio Hotel & Casino's $340 million transformation phase one?

Phase one includes modernization of the 1,500-room Ipanema Tower, six new dining venues in Canteen Food Hall, 220,000 square feet of renovated meeting space, revamped pool district, and casino floor upgrades with 500 new slot machines and 30 table games.

How many rooms does Rio Hotel & Casino have under Destination by Hyatt?

The Rio Hotel & Casino is Hyatt's largest property globally by room count, featuring the 1,500-room Ipanema Tower with additional rooms in the Masquerade Tower pending renovation.

What benefits do World of Hyatt members get at Rio Las Vegas?

Members can earn and redeem points for stays, receive waived resort fees on Free Night Awards, and elite members can enjoy benefits including potential room upgrades.

Where is Rio Hotel & Casino located in Las Vegas?

Rio Hotel & Casino is located at 3700 W. Flamingo Road, a short distance from the Las Vegas Strip and less than 15 minutes from Harry Reid International Airport.