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$20 million in renovations planned for the Riviera

Discussion in 'Casino Industry & Development' started by Steven Seagal, May 2, 2012.

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  1. Steven Seagal

    Steven Seagal Tourist

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    Riviera Holdings Corp. will invest $20 million to $30 million to refurbish the Riviera Hotel & Casino on the Strip.

    Tullio Marchionne, the company’s corporate secretary, said that the company has closed on the sale of Riviera’s property in Black Hawk, Colo., and that the proceeds from the sale would be reinvested in the Las Vegas property.

    Marchionne explained the project during a licensing hearing before the state Gaming Control Board on Wednesday. Regulators often get updates from property executives during licensing matters.

    Monarch Casino & Resort Inc., which owns the Atlantis in Reno, is acquiring Riviera’s Black Hawk property for $76 million in a deal first announced in September.

    Read more: http://www.vegasinc.com/news/2012/may/02/20-million-renovations-planned-riviera/
     
  2. sammasseur

    sammasseur VIP Whale

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    Very interesting that Golden Nugget still had 100 unfinished rooms in the Rush Tower.
     
  3. Dean Martin

    Dean Martin VIP Whale

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    I posted a (apparently old news) story above about MGM doing a $160mill reno. Interesting in the story that they mention Wynn spent $99mill doing only the rooms at just his Wynn Hotel.

    Unfortunately....gives you a pretty good picture of how small (or little change) a $20mill renovation probably is.
     
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