Riviera Hotel Files For Bankruptcy

by Deidre Woollard (RSS feed)
Jul 13th 2010 at 11:01PM

The owner of the Riviera Hotel & Casino on the Las Vegas Strip has filed for bankruptcy protection. Riviera Holdings Corp. filed Chapter 11 under a pre-negotiated deal that will end up transferring the ownership of the company to secured lenders. The reorganization plan has the approval of a majority of the lenders holding parts in it's nearly $248 million in debt. The filing has no impact on the day to day running of the Riviera hotel and casino in Las Vegas and the Riviera in Black Hawk, Colorado which remain open.

Riviera Holdings lost $4.5 million as revenue fell in the first quarter. While room occupancy was up, the average room rate in Las Vegas continued to fall as the hotel competed with other Strip properties which have also been dropping their prices.

Like many Las Vegas properties, the Riviera has been affected by the drop in tourism. The property itself has also suffered because of its north Strip location. Many of the casinos on that end of the glittering boulevard have been torn down or sold to make room for new resorts. Unfortunately the economic turmoil has meant that many properties haven't been built or, like the Fontainebleau project, have been delayed. Visitors to the Las Vegas strip tend to cluster in certain areas, most likely visiting other properties that are a short walk away.

Tags: Las Vegas, las vegas nevada, las vegas strip, Riviera, riviera hotel

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Reader Comments (Page 1 of 2)

Lorri Jul 14th 2010 9:33PM

I am so sad to read this ...the Riviera is my favorite Casino my late hubby and I had some incredible times there......I hope they can survive the restructuring....So many great casinos are being lost ...I already missed the Stardust and was lucky enough to see Don Rickles perform there one night with my hubby.

NATE Jul 14th 2010 9:50PM

I really liked this place also its right across from Circus Circus so you could let the kids go there and a short walk was a quiet social enviroment adluts could enjoy
Las Vegas is hurting right now as the bad economy hit there hard So enjoy it now when you can get good travel deals

Riveria neighbor Jul 14th 2010 9:59PM

I am not sad, the Management of this hotel is changed and not for the better. For the last 12 months they act like they don't care about the guests. I watched a friend of mine get knocked to the ground by a security officer for no other reason but asking him why he was harrasing a girl. The management would not even listen to any request to discuss the incident. Visit there at your own risk.
So many good places in Vegas to play. They are in trouble for a reason.

barry Jul 14th 2010 10:08PM

i hope the cafe in the lobby remains open. their steak specials were always good and inexpensive.

Keyo Jul 14th 2010 10:14PM

The north end of the strip is awful now.... When I go I only head up that way to go into the NASCAR Cafe and I wouldn't be surprised it thats next to leave town.

Stephanie Jul 14th 2010 10:22PM

What do they expect to happen? With the amount of people losing their jobs, in addition to the ones that have been laid off for quite a while now; businesses will suffer. No jobs mean no "extra" spending equals NO VACATIONS!!! Something has to give here....soon!

winnnie73 Jul 14th 2010 10:27PM

Last summer my sister, mom and I stayed in this hotel. When we signed in, the clerk asked us if we were going to use electricity, yes! ELECTRICITY!
So we paid $64 dollars for the use of lights, and tv for 3 days. Next time we will stay somewhere else where we can turn on the lights.

D Fisk Jul 14th 2010 10:31PM

If I could get a free roundtrip flights I would visit vegas all the time. Why should I go to vegas and gamble when I can go to one of 2 local casino's. Detroit has the Motorcity casino and its sweet.

Ted Jul 14th 2010 11:55PM

Vegas has turned into a trashy WalMart world since "the boys" were taken over by the corporate jerks like Trump. You can't walk 10 feet without 20 timeshare clowns hawking you. No comps, ridiculously high priced substandard meals and rude service people. Go to Tahoe.

Carrie Jul 14th 2010 10:51PM

Why go to Vegas ? We have Casino's in California, Why spend the Money in Vegas? California needs it more

Bobby5000 Jul 14th 2010 11:09PM

How does a casino go bankrupt. When players are unable to pay, criminal charges are brought in Nevada. (unpaid casino markers (gambling debt) in Nevada are both a civil and criminal offense. So not only can a casino sue you, but also the state can charge you for defaulting on markers and threaten you with prison time.).

mdog002 Jul 14th 2010 11:21PM

The bad economy is the biggest part of the problem. But the article does mention that visitors visit other hotel/casinos "within walking distance". That's the "rub"!! The traffic has become so bad in Vegas, and the strip in particular, that nobody wants to traverse the city in a car; and taxi service is so expensive that it's really not an option. The city is a product of poor planning - a vertical city with streets designed in the 1950's !!! A small scale rapid transit system like the e-train around the city would provide some relief.

Larry Caldwell Jul 14th 2010 11:27PM

You couldn't drag me to Lost Wages Nevada with three Kenworths!!! I don't gamble. My Ex-wife pissed away a HOUSE! (and that's why she's an EX!)

ladydi9251 Jul 15th 2010 4:19AM

sorry about the wife (ex) and house but roflmao! @ Lost Wages, Nevada!

Jan Jul 14th 2010 11:41PM

Thanks for the help Harry!

Fred Worfe Jul 14th 2010 11:49PM

The surprise is not in the bankruptcy of the Riviera; the surprise and amazement is in the fact that most other casinos aren't in bankruptcy as well. Hard times are not wished upon anyone, but we gotta admit that hard times tend to sober us up, to make us just a wee bit smarter than we were before. Millions of casino goers are realizing that a large room full of bells, whistles, smoke and "free" drinks comes with a very high price. Also, that casino "gambling" isn't gambling at all. You don't win; you just donate your money just for the privilege of hearing bells and whistles. Who says we of humankind aren't evolving!

dd Jul 14th 2010 11:50PM

DUMP X 10 !

Steve Jul 15th 2010 12:35AM

Praise the Lord.

ron butcher Jul 15th 2010 1:02AM

I have lived in Vegas for five years.
My first trip to Vegas was in 1969. I remember visiting the Riviera in those
days.
If you were to visit today, the place would look EXACTLY like it did in 1969....
difficult parking, outdated decor, circuitous route from the parking to the
casino, etc...etc.
Why go to a dump when you can visit the Wynn, Bellagio or Caesar's Palace?

It seems they haven't invested a nickle in updating the casino since the day
it was built.

Sal Jul 15th 2010 12:47AM

A few years ago. If you got off the plane in Vegas at 9AM and you were looking for a job and you didnot have one by 3PM that same day you weren't trying. This country is in BIG TROUBLE. The new currency is going have CHAIRMAN MAO'S PICTURE on it.

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