Rio landlord Eric Birnbaum unveiled plans to renovate the off-Strip resort and take charge of daily operations. The Rio, which opened in 1990, also could see another big change: a baseball stadium next door.

Birnbaum’s firm, Dreamscape Companies, announced last week that it raised $850 million in capital. It will use the funds to launch a real estate investment trust that will own casino, hospitality and entertainment assets, and form an entity to operate such businesses.

The funds will also be used to bankroll a “multi-phase renovation” of the Rio, according to a news release.

Caesars Entertainment, which sold the casino-resort to Birnbaum in 2019 for more than $500 million and leased it back, still operates the Rio.