Venture Capital/Real Estate: Dreamscape Lands $850M For Gaming And Entertainment Platforms, Revamp Of Rio
The Rio Hotel & Casino Las Vegas was the first gaming property of Dreamscape.
Dreamscape Companies, a real estate development and investment firm founded by Eric Birnbaum, has completed an $850 million capital raise. Wells Fargo (NYSE: WFC) and Raymond James led the debt syndicate and equity private placement, respectively. (CISION PR NEWSWIRE)
The capital raised will be used to launch two independent Dreamscape platforms: Dreamscape Entertainment Properties, Inc and Dreamscape Entertainment Integrated Resorts, Inc. These platforms will focus on investing and operating in strategically located, high-barrier-to-entry markets with asymmetric growth potential.
Dreamscape’s first gaming property, the Rio Hotel & Casino Las Vegas, will also undergo a multi-phase renovation using the financing. The company acquired the property in late 2019 from Caesars Entertainment and will redevelop it into a premiere resort and casino experience with modernized amenities. The property will remain open throughout the renovation and the company will officially take over and manage operations at the resort in 2023.
Eric Birnbaum, CEO and Founder, said the gaming and entertainment sector would become a central part of the business. He believes that with the team’s unique development capabilities, investment acumen, and deep operating expertise, Dreamscape is poised to become a differentiated player within this space.
Duane Bouligny, managing director in Wells Fargo’s Corporate & Investment Bank, said the company was 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.
Steven Loffman, Managing Director at Raymond James, added that Dreamscape was perfectly positioned to continue its current trajectory and achieve its expansion goals. Dreamscape has a broad presence and geographically diverse portfolio, owning and operating assets in Nashville, Miami, New York City, Los Angeles, Phoenix, New Orleans, Charleston, and Philadelphia.
Image of Rio Hotel & Casino, Las Vegas: Wikimedia Commons
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