Eric Birnbaum, a seasoned industry figure who created the New York-based real estate development and investment company Dreamscape Companies, announced the completion of a USD 850 million capital round. Wells Fargo, who headed the loan syndicate, and Raymond James, who led the private equity placement, were the financial institutions in charge of fundraising.
With the money raised, two independent Dreamscape platforms will be established: Dreamscape Entertainment Properties, Inc., an experiential real estate investment fund that will own gaming, hospitality, and entertainment assets, and Dreamscape Entertainment Integrated Resorts, Inc., an operator of gaming, hospitality, and entertainment assets. These new, autonomous Dreamscape platforms will concentrate on making investments and doing business in well-located areas, have significant entry barriers, and have the potential for asymmetric development.
According to Eric Birnbaum, CEO and Founder of Dreamscape, “As Dreamscape continues to mature and expand, we believed the gaming and entertainment industry would be a natural match and become a fundamental element of our business.” “The development of dynamic living experiences is our life’s work. I firmly feel that we are positioned to stand out in this market thanks to our team’s special development skills, astute investment sense, and broad operational knowledge.”
A multi-phase makeover of Dreamscape’s first gaming establishment, the venerable Rio Hotel & Casino Las Vegas, will also be funded by the capital raising. The business bought the property from Caesars Entertainment in late 2019 and simultaneously entered into a sale-leaseback agreement with Caesars to run the casino. The resort has a distinguished history in Las Vegas, having been the first all-suite hotel to open on the Strip in 1990. Dreamscape will use the funding to reimagine the two-tower structure, restoring it into a premier resort and casino experience with modernized amenities and various offerings that speak to today’s gaming and hospitality consumers to preserve the property’s bones and honor its legacy.
Dreamscape’s approach is centered on providing real estate and hospitality that cater to a particular lifestyle. These recently financed platforms will provide Dreamscape an exceptional basis to develop inside the entertainment and gaming industries, along with Rio’s planned makeover. The firm already has a significant footprint and a geographically broad portfolio with assets owned and operated in Nashville, Miami, New York City, Los Angeles, Phoenix, New Orleans, Charleston, and Philadelphia.
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