The New York-based real estate development and investment firm confirmed Wednesday it completed an $850 million capital raise. Raymond James led the equity private raise for the capital placement while Wells Fargo was in charge of managing the funding. Thanks to the capital raise, Dreamscape will finance a multi-phase renovation of its iconic Rio Hotel & Casino Las Vegas property.
This was Dreamscape’s first gaming property which the company acquired from Caesars Entertainment back in 2019. Famous as the first all-suite hotel to open in Las Vegas back in 1990, Rio Hotel & Casino holds a leadership position within the rich history of the gambling capital of the world.
Dreamscape confirmed it will modernize the two-tower venue and bring new amenities for the guests of the venue. At the same time, the company confirmed it plans to preserve the location’s rich legacy while ensuring supreme experiences for the visitors. It’s important to mention that the property will not be closed during the renovation.
Besides the renovation, the capital raise will contribute toward the launch of two new Dreamscape platforms. Those are Dreamscape Entertainment Integrated Resorts, a company operating hospitality, gaming and entertainment assets, as well as Dreamscape platforms: Dreamscape Entertainment Properties, described as “an experiential real estate investment trust that will own gaming, hospitality and entertainment assets.”
The Company Plans to Expand Further
Duane Bouligny, Wells Fargo Corporate and Investment Bank’s managing director, explained that last year was incredibly challenging for real estate and gaming developments. Still, he outlined: “Amidst this challenging economic environment, we are pleased to have successfully led the debt capital raise for Dreamscape as the company launches its new gaming and entertainment platforms, renovates its first gaming property, and continues to diversify and scale.”
“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.“
Eric Birnbaum, CEO and founder of Dreamscape
Eric Birnbaum, Dreamscape’s CEO and founder, explained that on its path to further growth, the company identified the entertainment and gaming vertical as the perfect sector. He pointed out that Dreamscape is excited about delivering “dynamic lifestyle experiences.” Finally, Birnbaum predicted that the company will continue to grow and differentiate itself as a leading operator within the entertainment and gaming vertical.