Published on: April 3, 2026, at 10:34 AM.
Updated on: April 3, 2026, at 10:36 AM.
- Kennedy Lewis Investment Management has taken control of the Rio, reducing Dreamscape to a minor stake
- This leadership change has led to the departure of the casino hotel’s CFO and several VPs of marketing and sales
- New leadership under Vincent Lentini and Lloyd Nathan is now guiding the resort’s long-term renovation project
The Rio Hotel & Casino has experienced a significant shift in leadership, as private credit firm Kennedy Lewis Investment Management has now become the primary owner of this off-Strip property. This revelation was reported by Casino.org’s own Vital Vegas, citing sources familiar with the transaction. Dreamscape Companies, which acquired the resort from Caesars Entertainment for $516.3 million in 2019, is now relegated to a minority equity position.
Bill McBeath, a previous minority stakeholder and veteran casino executive, has exited the ownership group following the buyout by Kennedy Lewis, as reported by Vital Vegas.
This ownership transition has coincided with a sizable restructuring at the Rio, leading to the departure of several senior executives as new leadership solidifies control.
Confirmed departures include:
- Christopher Balaban, Chief Financial Officer
- Michelle Engstrom, VP of Marketing
- Laurae Clifford, VP of Global Sales
Vincent Lentini, who has a background with Affinity Gaming, Hard Rock Biloxi, and Caesars Entertainment, has been appointed to replace Engstrom. Meanwhile, Balaban is moving to a finance position at Grand Sierra Resort in Reno.
As the Rio embarks on a phased renovation under Dreamscape’s redevelopment strategy, the resort remains operational. This renovation plan includes room updates, innovative dining concepts, and refreshed public areas.
Current Leadership Landscape
According to Vital Vegas, Patrick Miller, the current president and CEO of Rio, retains his position, although several sources suggest that his authority has been somewhat reduced as the new ownership sets forth its agenda. Miller, a long-time veteran of MGM Resorts International, became president and CEO of the Rio in January 2024.
Two key individuals now pivotal to the Rio’s strategic direction are:
- Lloyd Nathan, Chairman of Rio Real Estate Holding Company LLC
- Pavan Kapur, a former executive from Caesars Entertainment, appointed by Dreamscape to manage commercial operations
Both are reportedly playing critical roles in operational decision-making as Kennedy Lewis assesses the property’s performance and its future direction.
The Rio faces a tough competitive environment. Located near Gold Coast and Palms, both of which attract a similar clientele of locals and budget-conscious tourists, the resort continues to operate significant amenities such as Penn & Teller, a large pool area, and an extensive video poker selection.
At this time, there are no indications of further layoffs.
Vital Vegas will be keeping an eye on upcoming developments as the Rio’s new ownership framework evolves.