Two Way Hard Three | Las Vegas Casino & Design Blog

April 6, 2006

Looks Like The Riviera Has Been Sold

Posted by Hunter

Look what came across the Reuters wire?

http://yahoo.reuters.com/stocks/QuoteCompanyNewsArticle.aspx?storyID=urn:newsml:reuters.com:20060406:MTFH98665_2006-04-06_12-22-36_N06264655&symbol=RIV.A&rpc=44

Looks like the Riviera has been sold for $211 million... Not just the Vegas property but the whole company.

Update: More coverage this morning. The RJ weighs in:
http://www.reviewjournal.com/lvrj_home/2006/Apr-07-Fri-2006/business/6743241.html

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Categories: Business of Gaming, Las Vegas Strip


Comments

Read archived comments (6 so far)
April 6, 2006 2:05 PM Posted by eponymous coward

Holy crap, just north of $211 million in cash for THAT much North Strip?

Get out the wrecking balls...

April 6, 2006 5:50 PM Posted by ehrlich

Plus the assumption of debt and ever increasing development costs. But still a great buy.

April 10, 2006 4:50 AM Posted by Robbie M

In a few years time the Riveria will look very dated compared to its new neighbours. I don't think any ammount of money will enable the resort to compete with Echelon, Fontainbleau, Encore & WLV. Perhaps this is a short term tactic to grab some land and watch the price rise before they sell out to Steve W or one of the other big companies for a new development

April 12, 2006 8:48 AM Posted by Hunter

Another bid:

http://www.reviewjournal.com/lvrj_home/2006/Apr-12-Wed-2006/business/6819956.html

April 12, 2006 3:01 PM Posted by Mike P.

Here's a couple interesting stories from the last few issues of the Las Vegas Sun on plans for the Riviera and Frontier.

First, the Riviera investors are planning on a nostalgia theme.

And the Frontier is going to become the Montreux, with a Jazz theme. I'm a big fan of serious jazz, but somehow I don't see it coming to the Las Vegas strip.

Mike P.

April 14, 2006 1:26 PM Posted by doc_al

I can't speak to profitability, but there's going to be a bunch of Stardust, Frontier and IP (not to mention Westward Ho) regulars needing a new place to call home. Filling the rooms is an achieveable goal. Lack of TITO machines, while an extra maintenance cost, is a selling point to some.

Although, as a fan of vintage, I think this place lacks a couple things, like a decent lounge, and restaurants (outside of Kady's). And even us chiselers like our rooms to be in decent condition.