An exterior shot of the Riviera Hotel & Casino building circa 2011. Photo by Jgreenberg via Flickr
By: John Joseph
Date: February 20th 2015 12:22 PM
One of the last few remaining historic hotels in Las Vegas, The Riviera Hotel & Casino, is being purchased by the Las Vegas Convention and Visitors Authority. The authority is purchasing the Riviera along with the 26 acres of land the property sits on for $182.5 million. The acquisition of the property is part of the authority's plan to improve and expand the footprint of the convention center and the Las Vegas Global Business District.
The purchase of the property by the authority will now enable them to link the Las Vegas Convention Center directly to the strip and serve as an entrance from Las Vegas Boulevard. Once demolished, the property will feature 750,000 square feet of exhibition space and an additional 187,500 square feet of meeting space.
"Today marks an exciting new milestone in Las Vegas' long history of reinvention and evolution and ensures Las Vegas' meeting and convention industry remains the envy of the world for decades to come," said Rossi Ralenkotter, president/CEO of the LVCVA. "The Las Vegas Global Business District is the single most important economic development project in the state, and it will generate thousands of good-paying jobs and help lay a strong economic foundation for the benefit of the entire community. This strategic acquisition of land gives us the much-needed space for expansion while also providing a highly visible presence on one of the most famous streets in the world - the Las Vegas Strip - and is essential in helping us to reach our goal of 45 million visitors."
Nevada Governor Brian Sandoval said, "Las Vegas has proven time and again, its ability to reinvent itself as the economic engine for Southern Nevada. For the better part of 60 years, this historic property has created memories for millions of guests and will always have a place in the history of this great city. As the storied resort makes way for the Global Business District, this site will continue to play an integral role in the attraction of visitors to Nevada."
"We recognize the long-standing history and loyalty that many of our associates have demonstrated to the Riviera throughout the years. Tasked with handling the logistics of winding down the operation, we will focus our attention on the approximate 1,000 associates and many guests who have visited the property year after year. We will activate multiple resources and channels to assist in making a smooth transition for all those impacted," said John Groom, Chief Operating Officer of Paragon Gaming, the management company for the Riviera Hotel & Casino.
Currently the Riviera features a 110,000 square foot casino and 2,100 hotel rooms. The property first opened April 20, 1955 and is one of the oldest hotel/casinos in Las Vegas. Once the acquisition is complete the property will be completely demolished just like many other casinos before it. A date has not be released yet when the property will close or when it will be demolished.