Friday, May 24, 1996 | 11:59 a.m.
Last year was a good one for the Rio hotel-casino and it's just going to get better -- with a new property, a new road and the completion of a new addition.
That was the message delivered at the Rio's annual shareholders meeting Thursday.
President and CEO James Barrett said the Rio set records in 1995, with net revenues of $193 million, a net income of $18.7 million and earnings per share of 87 cents.
He also said another property is in the works.
"And we've already taken the first steps in designing a second property to be built next to the Rio as soon as the addition being built is completed and open in 1997. The new property will have a minimum of 2,500 rooms or suites," he said.
No other details are being released at this time, except that it will be to the north and northeast of the current property.
More progress is under way with the construction of a $5 million four-lane connector between Flamingo Road and Industrial Road.
The one-third-mile road will align with Rio Drive and run southeast across the Flamingo Wash flood channel and over the Union Pacific Railroad tracks to Industrial Road.
The existing traffic light at Rio Drive and Flamingo Road will be modified, and a new traffic light will be installed at the intersection of Industrial Road and the connector.
The Rio's $187 million expansion currently under construction includes a 41-story tower with 1,000 suites, a 30,000-square-foot casino expansion, a retail-recreation area, and six more restaurants -- including one at the top of the tower.
That will give the Rio 2,500 suites, 119,000 square feet of gaming space with 100 table games and 2,500 slots.
The company's 1997 directors were also announced.
Anthony Marnell II, John Stuart, Thomas Hartley and Peter Thomas join Barrett for one-year terms.
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