MarCor broke ground on the $80 million project on February 9, 1989. At the end of the year, it announced plans to build the Rio, which would be Las Vegas' first all-suite hotel-casino. The company purchased the vacant property in 1988, at a cost of $11 million. The Rio was originally owned by Anthony Marnell, the chairman of MarCor. Magicians Penn & Teller, as well as the male revue Chippendales, have entertained at the resort since 2001. The Rio has hosted numerous entertainers, including Danny Gans and Prince. Marnell was hired as architect for the renovation project, due to his prior experience with the resort. A two-phase renovation began in August 2023, and will update the entire property.

Caesars continued to operate the casino through a lease agreement extending to October 2023, after which Dreamscape took over. The Rio was sold to Dreamscape owner and New York investor Eric Birnbaum in 2019, at a cost of $516 million.

Harrah's was renamed Caesars Entertainment in 2010. Numerous repairs had to be made after the inspections revealed flaws and fire safety hazards. Portions of the hotel were closed in 2007 for county inspections, after it was discovered that renovations had been done a few years earlier without permitting. From 2005 to 2021, the Rio was the host site for the World Series of Poker. It would lose its popularity in the years to follow, as Harrah's would eventually turn its focus to other Las Vegas properties that it owned. The property suffered financially after the sale, in part because of new competition. In 1999, Marnell sold the Rio to Harrah's Entertainment for $766 million. The 41-story Masquerade Tower was added as well. A 1997 renovation added Masquerade Village, a two-story retail and restaurant complex which also featured the Masquerade Show in the Sky. The hotel includes the three-wing Ipanema Tower, which stands at 20 stories. The Rio's success prompted a number of hotel expansions in the 1990s. The property struggled during its first two years because of its off-Strip location, but it would eventually thrive. It was owned by Anthony Marnell and built by Marnell Corrao Associates. It was the first all-suite hotel in the Las Vegas Valley. It features a Brazilian theme based on Rio Carnival. It is owned and operated by Dreamscape Companies LLC. The Rio is a hotel and casino near the Las Vegas Strip in Paradise, Nevada, United States.

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