(AsiaGameHub) –   A major transition is underway at the Rio Hotel & Casino, as investment firm Kennedy Lewis Investment Management has secured a controlling stake in the off-Strip property. The move alters the ownership structure significantly, demoting Dreamscape Companies — which purchased the resort in 2019 from Caesars Entertainment — to a secondary stakeholder position.

Kennedy Lewis Strengthens Hold on Rio Following Executive Exits

The ownership shift included the buyout of former minority partner Bill McBeath, removing him from the property’s ownership group entirely. While full transaction details have not been made public, sources familiar with the matter confirm that Kennedy Lewis now sets the direction for the property’s future, as reported by Casino.org.

The change in control has brought a reshuffling of the executive team with it. Multiple senior leaders have departed in recent weeks, including Chief Financial Officer Christopher Balaban, head of marketing Michelle Engstrom, and sales executive Laurae Clifford. Their exits followed the expiration of their contracts rather than sudden terminations, though the changes still reflect a broader overhaul of leadership at the resort.

Vincent Lentini has taken over marketing responsibilities at the property. He previously held roles at a number of gaming and hospitality operators. Balaban has moved to a new finance role based in Reno.

Despite the executive shakeup, Patrick Miller remains in his position as president and CEO. However, insiders note that his role has become less influential as the new ownership group implements its strategic plans.

Leadership Duo Guides Rio’s Future in Competitive Las Vegas Market

Two figures have emerged as central to the resort’s strategic direction: Lloyd Nathan, who chairs the property’s real estate holding entity, and Pavan Kapur, a former Caesars executive who oversees commercial operations. Both are reported to have close involvement in operational decisions as the resort enters its next phase of growth.

These developments come as the Rio continues a long-term renovation program first launched under Dreamscape Companies. The ongoing upgrades include redesigned guest rooms, new food and beverage outlets, and improvements to shared public spaces, all while the property stays open to visitors.

Located near rival properties including Palms Casino Resort and Gold Coast Hotel and Casino, the Rio faces fierce competition for both tourist and local patrons. Even so, it retains a number of popular attractions, including the long-running live show of Penn & Teller and a large, sprawling pool area. Currently, there are no clear signs of additional workforce cuts being planned. Industry observers are waiting to see how the new leadership team will reshape the property’s identity in the competitive Las Vegas market.