“The Rio needs a little TLC and it hasn’t gotten a dime’s worth,” said Rio founder Tony Marnell, who sold the Brazil-themed resort in 1999 to Harrah’s Entertainment, now known as Caesars Entertainment Corp.īy the end of next year, Caesars will have spent well more than $600 million since 2014 to upgrade nearly 90 percent of its 25,000 Las Vegas rooms.īut the Rio, Caesars’ only off-Strip property, is excluded from that reinvestment program, according to company presentations to investors.
Once vying for high-rollers with top Strip properties like Caesars Palace and The Mirage, it now competes with 50-year-old Circus Circus for cost-conscious visitors, enticing them with suite deals before fees as low as $32 a night. Nearly 30 years after the Rio opened, the red and blue jewel that helped catapult Las Vegas to a new level with its buffet and nightclub has lost its status along with its shine.
Tony Marnell II, founder of the Rio, during a press conference in 1997.
