The replacement value - or cost to build a new 2,500-room hotel - would put the Rio in the same price range. The Rio may be worth between $636 million and $836 million, according to a valuation of the property in 2017 by Moelis & Co., which Caesars hired to make the calculation. The Rio has been rumored to be for sale for about a decade, and property owners generally halt new major reinvestments when they put a property up for sale.Ĭaesars representatives declined to comment on the Rio and its future, or provide any financial and renovation information for the property. “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.

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