The Rio is a hotel and casino near the Las Vegas Strip in Paradise, Nevada, United States. It is owned by Dreamscape Companies LLC and operated by Caesars Entertainment. It includes a casino and 2,520 suites. It features a Brazilian theme based on Rio Carnival. The Rio opened on January 15, 1990, with a casino and 424 suites. It was the first all-suite hotel in the Las Vegas Valley. It was owned by Anthony Marnell and built by Marnell Corrao Associates. The property struggled during its first two years because of its off-Strip location, but it would eventually thrive. The Rio's success prompted a number of hotel expansions in the 1990s. The hotel includes the three-wing Ipanema Tower, which stands at 20 stories. A 1997 renovation added Masquerade Village, a two-story retail and restaurant complex which also featured the Masquerade Show in the Sky. The 41-story Masquerade Tower was added as well. In 1999, Marnell sold the Rio to Harrah's Entertainment for $766 million. The property suffered financially after the sale, in part because of new competition. It would lose its popularity in the years to follow, as Harrah's would eventually turn its focus to other Las Vegas properties that it owned. From 2005 to 2021, the Rio was the host site for the World Series of Poker. Portions of the hotel were closed in 2007 for county inspections, after it was discovered that renovations had been done a few years earlier without permitting. Numerous repairs had to be made after the inspections revealed flaws and fire safety hazards. Harrah's was renamed as Caesars Entertainment in 2010. The Rio was sold to Dreamscape owner and New York investor Eric Birnbaum in 2019, at a cost of $516 million. Caesars continues to operate the casino through a lease agreement extending into 2023. Birnbaum plans to begin a significant renovation in 2022, which includes rebranding the hotel portion under the Hyatt name. Marnell was hired as architect for the renovation project, due to his prior experience with the resort. The Rio has hosted numerous entertainers, including Danny Gans and Prince. Magicians Penn & Teller have entertained at the resort since 2001. History Marnell ownership (1990–99) The Rio was originally owned by Anthony Marnell, the chairman of MarCor. The company purchased the vacant property in 1988, at a cost of $11 million. At the end of the year, it announced plans to build