Riviera Sale and Demolition Details Confirmed: LVCVA to Pay $182.5 Million

As we first shared weeks ago, the impending sale of the Riviera Las Vegas has been confirmed. The Las Vegas Convention and Visitors Authority will buy Riviera for $182.5 million.

The Riviera Las Vegas will close May 4, 2015.

The Riviera will be demolished as part of an expansion of the Las Vegas Convention Center. Read more from the LVCVA.

Crazy Girls statue

What, we were going to share another picture of the hotel facade?

The Riviera sale will include a “lease-back” agreement that will keep the Riviera’s management company, Paragon Gaming, operating the casino as plans are made for the hotel-casino’s closure.

The sale of the Riviera has been in the works for some time. The LVCVA got a $275 million loan approval back in September 2014 for the Riviera purchase. Read more.

An LVCVA board vote is the only remaining step before the sale happens. That’s a done deal on Feb. 20, 2015. The Riviera will officially change hands in late August.

While bittersweet news, the sale and demolition of Riviera is a piece of a much bigger puzzle. According to the LVCVA, they’ve had to pass on about 20 annual trade shows (huge business drivers in Las Vegas) due to space and scheduling issues.

The Riviera land is 26.4 acres, and a key part of bringing new trade and convention business to Las Vegas. Which, admittedly, is infinitely less fun than a casino, but when money flows in, new casinos get built, and others thrive. Just trust that Las Vegas knows what it’s doing, already.

Today’s announcement made no mention about the future of Peppermill restaurant, which many of our readers seem more upset about than the closing of The Riv. The Peppermill has denied it’s going anywhere.

Interesting times ahead, and the Las Vegas Strip just won’t be the same without The Riv.

Update: On February 20, 2015, the board of the LVCVA approved the purchase of the Riviera. So, done deal.

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  • FYMYAWF

    Stardust, Dunes, Sahara, the Riv…if you can’t keep up with the times or turn a profit you will be replaced by something that can. Nice to see that those of us who’d like to give one last rub of the bronze asses at the front door will have a few months to do so.

    • JeffinOKC

      Not fair comparison, IMO. Stardust was doing quite well for Boyd, but they decided to build a mega resort during an unprecedented boom time. I don’t fault their judgment at the time, but as even Mr. Boyd has said; knowing what they know now, they would not have removed Stardust.
      Stardust being removed is part of what harmed the Riviera. Eight hotels and casinos have been removed within a mile of the Riv in the last 10-12 years, with nothing being built to replace them. The Riv wound up with only one neighbor, Circus-Circus. A major hindrance to foot traffic.
      Sahara and Riviera were both harmed by dying owners during the last 20 years. Bill Bennett bought Sahara in 1995, when he was quite ill, held on for 7 years, and his family was limited in what they could do until it sold in 2007. 12 hard years for a property that needed help in 1995. The Riviera was stifled by the slow death of chairman William Westerman until he did die in 2010. Apparently, a quite well respected man, nobody wanted to make any moves for the last three years of his life.
      My point being these weren’t two properties that were in impossible locations, and removal is the only solution. Rather, they are two properties that can function quite well when they get ANY neighbors.

      • Danix Defcon 5

        Yeah… Stardust being demolished was a sad thing, because its replacement was a bad idea in retrospect. Right when they were beginning construction, the housing bubble burst and the money wells went dry.

      • Arnie Gutierrez

        Very nice analysis

  • ZzjitterzZ

    The more i think about this, the more questions I have. Will this be a separate building or will it be connected to the rest of the convention center? It will be oddly shaped if it is connected. Will it have a hotel? It seems illogical to have all that strip frontage and not build one. I’m sure I’ll have more questions later.

  • disqus_L3DTF0uhXp

    Its official. Closes may 4 at 12p.