Two Way Hard Three | Las Vegas Casino & Design Blog

March 28, 2007

Riviera Rejects Latest $336 Million Bid for Las Vegas Strip Property

Posted by Hunter

The Riviera rejected a $336 million offer for the company, the latest in a long string of offers for the valuable Las Vegas Strip hotel.

Sure, the Riv is long in the tooth but if the New Frontier down the street does sell for $1.5 billion, the land is worth even more than anyone could have imagined even only one year ago. The Riv will sell, it's just a matter of time.

With Encore, Echelon Place, Fontainebleau, Sahara, the Wet and Wild site and whatever happens with the New Frontier, the Riv site will be re-developed, no question. Just a matter of time and the right buyer.

http://www.reviewjournal.com/lvrj_home/2007/Mar-29-Thu-2007/business/13463626.html

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Categories: Business of Gaming, Las Vegas Strip


Comments

Read archived comments (3 so far)
March 29, 2007 5:34 PM Posted by Brian Fey

They sure seem greedy to me. Only reason stock is where it is, was because of their last 2 offers. I hate to see this place remain!

March 29, 2007 5:51 PM Posted by mike_ch

I believe Ruffin is actually money on the Frontier. I know that the Riv is posting losses. This (plus location and other factors) explains the difference between the last killed Frontier sale or the Trop sale and something like this Riv attempt.

April 1, 2007 10:13 AM Posted by Redneck

While we are on the subject of the north strip, the next payment on archon's land(went n wild) was due Saturday, so we should know by thursday if LVTI made the payment or strung them along with ANOTHER extension.