Kennedy Lewis Investment Management has acquired a majority stake of Rio Hotel & Casino in Las Vegas from Dreamscape Companies, also naming former Caesars Entertainment executive Rod Turlan as President & CEO of the property.
Dreamscape Companies is owned by Eric Birnbaum, having originally acquired Rio Hotel & Casino from Caesars for $516m during 2019 and eventually taking over full operations of the Las Vegas property in October 2023.
Kennedy Lewis will also serve as CFO of Rio Hotel & Casino following the private equity firm’s acquisition, while former Jamul Casino Resort CFO Lori Ware will oversee financial operations.
Turlan and Lewis replaced Patrick Miller and Christopher Balaban, respectively, while Ashley Lowe was appointed as Rio Hotel & Casino’s new VP of Sales.
“Rod Turlan, together with these newly hired executives and our existing leadership team, brings the right combination of experience and talent to Rio at this important stage of its transformation,” Birnbaum said.
“We are excited to welcome these seasoned leaders to the team as we continue building on Rio’s momentum and positioning the property for long-term success.”
Dreamscape Companies is still tied to Rio Hotel & Casino as a minority stakeholder at the time of writing. Under its leadership, Rio Hotel & Casino executed a $350m renovation plan, including a modernization of the property’s casino floor.
In January 2026, workers at the Rio Hotel and Casino in Las Vegas ratified a new four-year collective bargaining agreement, securing higher wages, improved benefits and additional workplace protections.
The agreement covers 62 employees represented by Teamsters Local 986, including front desk workers, laborers, warehouse staff and valet attendants.
The NBA Board of Governors approved consideration for expansion bids in Seattle and Las Vegas on March 25, with an application process expected to generate between $7-10bn offers for both teams
