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Alternative Assets  + Real Estate  |  February 16, 2023
Dreamscape Raises $850M to Launch New Casino REIT, Finance Rio Renovation
By: Joe Palmisano

Dreamscape Raises $850M to Launch New Casino REIT, Finance Rio Renovation

Real estate developer Dreamscape Companies, which owns the property assets of the Rio Hotel & Casino Las Vegas, raised $850 million, providing the New York-based firm the opportunity to increase its presence in the gaming and leisure industry.

The fresh capital will be used to launch Dreamscape Entertainment Properties, Inc., an experiential real estate investment trust (REIT) owning gaming, hospitality and entertainment assets, and Dreamscape Entertainment Integrated Resorts, Inc., an operator of those assets.

The two new platforms will focus on “high-barrier-to-entry markets with asymmetric growth potential,” according to the firm.

“As Dreamscape continues to evolve and expand, we knew the gaming and entertainment sector would be a natural fit and become a central part of our business,” said CEO and Founder Eric Birnbaum.

Dreamscape will also allot a portion of the new capital to finance renovations for the Rio. Caesars Entertainment continues to operate the hotel & casino resort after a $516.3 million sale-leaseback deal between the two companies in December 2019.

The property will remain open during renovations, with the company expected to take control in 2023.

The funding was managed by Wells Fargo, which led the debt syndicate, and Raymond James, which led the equity private placement.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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