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.