More than three years after buying the Rio Hotel & Casino, New York-based Dreamscape Cos. is ready to focus on a multi-phased renovation of the 33-year-old off-Strip resort.

The real estate development and investment firm announced last week it had secured $850 million in funding, a portion of which will be dedicated to redeveloping the 2,522-room resort. Dreamscape also plans to form two companies with the financing: a real estate investment trust and an operating company – both focusing on gaming, hospitality and entertainment businesses.

The financing arrangement will fund Dreamscape’s redevelopment of the Rio, which it acquired in 2019 from Caesars Entertainment for $516.3 million. Caesars has been operating the property under a lease agreement.