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Official: Riviera to be sold to LVCVA

Discussion in 'Casino Industry & Development' started by hail2skins, Feb 5, 2015.

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  1. hail2skins

    hail2skins Low-Roller

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    Reports now that the Riv is going to be sold......announcement should be expected within a week. One rumor indicates it would be imploded and the land repurposed for non-gaming. We'll see what happens.
     
  2. mrstealth

    mrstealth High-Roller

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  3. gilly from philly

    gilly from philly Low-Roller

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  4. mrstealth

    mrstealth High-Roller

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    I'm not sure who the author of that blog is, however, I find it highly unlikely based on not only the price of what someone would have to pay, but for the potential of that area once the old stardust site gets rebuilt. Let's hope it's Boyd, or Michael Gaughan.
     
  5. Brewfangrb

    Brewfangrb Low-Roller

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    Because of how Vegas is slowly transitioning away from gaming and toward at least diversification of revenue sources--shops, nightclubs, etc I could see changing a dumpy place into something non-gaming. But the non-gaming requires a complete resort, IMO. Meaning, can this entire space be more shops? To be added to the Miracle Mile Shops, Crystals, Bally's Bazaar...without a hotel, casino, anything? I can't see that. I also can't really see it being a standalone nightclub--maybe, but it won't take up that entire area, could it? (I can't really picture how big this parcel is).

    And even the places that are non-gaming hotels are still at least tangentially connected with casinos/resorts. I am probably just not creative enough or in-touch with the market enough to think of alternatives. But I find it hard to believe it could be purely non-gaming. I would be willing to bet it's coming down, though vs being a reno.
     
  6. RockyBalboa

    RockyBalboa VIP Whale

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    If they implode it...then the strip probably needs another CVS or Walgreens
     
  7. Landshark

    Landshark Way into it...

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    I know change is inevitable in Vegas... but really hate it when the legacy properties hit the dirt. Sometimes I think I was born too early. I'd have given anything to hang out and gamble at the Sands, the Dunes, Stardust, and the Riviera back in the day.
     
  8. waverunner

    waverunner BBHMM

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    The reality of the North Strip now is the timing. SLS and Riviera are struggling because the Hotels you mentioned, among others, are no longer there.
    There is a gap between Wynn/Encore/FSM and the North Strip. The gap covers the same distance as it has always had, but that distance now is huge among tourists who want to be entertained but in the least amount of time.
    That's why on the Strip from Wynn South and Downtown are where most people go now. People can walk around from one place to another and do everything without having to "travel".

    The timing is bad because Vegas's North Strip, which used to be vibrant and plentiful, is between a rock & a hard place. Gone are the places of the past, but hopefully with Resorts World etc in the future, the North will rise again.
    But in the meantime, Sahara/SLS and Riviera are barely hanging on. There is nothing at SLS that you can't get further south or downtown. There is safety in numbers, something the North Strip used to have, but those numbers are no longer there.

    And the Strip from Wynn on South isn't standing idly by waiting for some movement on the North. New entertainment centers have sprung up or nearly built at LinQ, NYNY, Bally's, Monte Carlo, etc are making it even harder to get people excited about what may come in the near future for the North Strip.

    Chain link fences are the norm now for the North Strip to keep people out, hopefully one day the fences will come down to allow the flowers to bloom once again.
     
  9. Guy

    Guy Low-Roller

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    I can see a case for buying the Riv now (while the north Strip is in turmoil) and running it on a shoestring for a couple more years, then when/if Resorts World and the Packer projects get near completion you can re-build to be part of the newly revitalised area either as another hotel/casino or an upscale mall/restaurant row.

    (See also, Fountainebleu)
     
  10. DonnyC

    DonnyC VIP Whale

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    I'd still like to see an implosion...been on the list for a long time!
     
  11. Auggie

    Auggie Dovahkiin

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    There have been reports that The Riviera was going to be sold, torn down, remodeled or imploded for the last 15 years... I won't believe anything until it actually happens.
     
  12. topcard

    topcard Older than the Stardust!

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    It was that whole 'Echelon Place' nonsense that resulted in the loss of Stardust, Westward Ho & Frontier... leaving nothing except for the Riv & Circus...and a bit further north - Sahara/SLS now.
    Even now, I would be willing to stay & play at the Riv...if they would return to offering me comped rooms & having $10 3:2 two-deck blackjack available with DAS, along with $5 craps.
    But no.
    They decided many years ago that they were no longer interested in my play.

    And that's fine with me.
     
    Seems like forever from now, but the flights are booked, so it counts!
  13. REELmoneySlotFan

    REELmoneySlotFan High-Roller

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    Even though the Riviera is a dump I would hate to see it disappear. It's one of the last Vegas classics. I would mind a complete renovation like the Tropicana did but I seriously hope the name Riviera remains. I would hate to see it go BOOM :)
     
  14. zignerlv

    zignerlv Low-Roller

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    Exactly, not to mention the $20 million in planned renovations announced in 2012, most of which never took place.
     
  15. smartone

    smartone VIP Whale

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    I'm hearing an "announcement" will come tomorrow (Wednesday)... stay tuned.
     
  16. chitownjohn

    chitownjohn High-Roller

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    You can't tease us like that :poke: , what's the scoop?
     
  17. smartone

    smartone VIP Whale

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    I honestly don't know... Just heard from a trusted source in town an announcement should be forthcoming today.
     
  18. smartone

    smartone VIP Whale

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    Well... it's 3 pm here and still nothing... looks like I was given bum info
     
  19. IxAccDnf

    IxAccDnf VIP Whale

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    with the end of the Riviera now all 3 sides of my Stardust, Frontier,Riviera triangle will no longer exist
     
  20. hail2skins

    hail2skins Low-Roller

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    So yeah, word is that the LVCVA is gonna buy and implode the Riv......announcement perhaps next week.

    If the convention center expands toward the Strip, does that increase the likelihood that perhaps someone will buy the Fountainbleau and complete it?
     
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