\n Posted on: April 3, 2026, 10:34h.\u00a0\n <\/p>\n
\n Last updated on: April 3, 2026, 10:36h.\n <\/p>\n
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- Kennedy Lewis Investment Management has seized majority control of the Rio, relegating Dreamscape to a minority stake<\/strong><\/li>\n
- The power shift has triggered the exits of the casino hotel\u2019s CFO and VPs of marketing and sales<\/strong><\/li>\n
- New leadership, including Vincent Lentini and Lloyd Nathan, is now steering the resort\u2019s multiyear, phased renovation<\/strong><\/li>\n<\/ul>\n
The Rio Hotel & Casino has undergone a quiet but seismic power shift, as private credit firm Kennedy Lewis Investment Management has emerged as the majority owner of the off-Strip resort. The news was broken by Casino.org\u2019s <\/a><\/em>own<\/a> Vital Vegas,<\/a><\/em> who quoted individuals familiar with the transaction. The move reduces Dreamscape Companies, which acquired the property from Caesars Entertainment in 2019 for $516.3 million, to a minority stakeholder.<\/p>\n
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The Rio Hotel & Casino in Las Vegas has changed hands. (Image: Shutterstock)<\/figcaption><\/figure>\n A previous minority stakeholder, longtime casino executive Bill McBeath, is no longer part of the ownership group. His exit follows a buyout by Kennedy Lewis, Vital Vegas<\/em> reported.<\/p>\n
The ownership transition has coincided with a significant restructuring of Rio\u2019s executive ranks. Multiple senior leaders have departed in recent weeks as contracts quietly lapse and new leadership consolidates control.<\/p>\n
Among the confirmed departures:<\/p>\n
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- Christopher Balaban, Chief Financial Officer<\/li>\n
- Michelle Engstrom, VP of marketing<\/li>\n
- Laurae Clifford, VIP of global sales<\/li>\n<\/ul>\n
Engstrom has been replaced by Vincent Lentini, whose r\u00e9sum\u00e9 includes roles at Affinity Gaming, Hard Rock Biloxi, and Caesars Entertainment. Balaban has since taken a finance role at Grand Sierra Resort in Reno.<\/p>\n
The changes come as Rio continues a multiyear renovation effort under Dreamscape\u2019s redevelopment plan. The resort remains operational during the phased overhaul, which includes room remodels, new dining concepts and refreshed public spaces.<\/p>\n
Who\u2019s Left?<\/h2>\n
According to Vital Vegas,<\/em> industry sources say Rio\u2019s current president and CEO, Patrick Miller, remains in his role, though several insiders describe his authority as diminished as new ownership asserts its vision. Miller, a veteran of MGM Resorts International, took the reins as the Rio\u2019s president and CEO in January 2024.<\/p>\n
Two figures are now widely viewed as central to Rio\u2019s strategic direction:<\/p>\n
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- Lloyd Nathan, Chairman of Rio Real Estate Holding Company LLC<\/li>\n
- Pavan Kapur, a former Caesars Entertainment executive brought in by Dreamscape to oversee commercial operations<\/li>\n<\/ul>\n
Both are said to be heavily involved in operational decision making as Kennedy Lewis evaluates the property\u2019s performance and future positioning.<\/p>\n
Rio faces a challenging competitive landscape. The resort sits in a corridor that includes Gold Coast and Palms, two properties that draw from the same mix of locals and value-oriented tourists. Despite the headwinds, Rio continues to operate popular amenities including Penn & Teller, a large pool complex and extensive video poker inventory.<\/p>\n
There is no indication of additional layoffs at this time.<\/p>\n
- The power shift has triggered the exits of the casino hotel\u2019s CFO and VPs of marketing and sales<\/strong><\/li>\n