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 2 of 2)

Terry the Brit Jul 15th 2010 1:06AM

BUT... it is still open and they have just opened the ONLY Britsh owned pub on the strip "The Queen Victoria" it is one of the best pubs I have ever been in and plan to spend as much time there as possible... The food is great and the staff are awesome

DICK HURTZ Jul 15th 2010 1:13AM

What a DUMP. It should of been torn down years ago. Man did they have some white trash working there.

Angela Jul 15th 2010 1:20AM

It's their own fault! That hotel fail to upgrade when the economy was robust. The Wynn and Sands are doing well: Vision my friend, vision. The Riv simply rode the gravy train into the ground! Next.

Eda Risk Jul 15th 2010 2:10AM

Wasn't the Sands torn down?

Sinner4fun Jul 15th 2010 2:55AM

Yeah, the Sands is LONG gone!

Christine Jul 15th 2010 1:35AM

This place is a dump. We were there a couple weeks ago and there was a power outage on the strip that blew out the Riv's transformer (not updated with the cosmetic update). The hotel refused to refund anything, even the $50 we paid to upgrade to the only part of the hotel that didn't have power for 10 hours, and on top of it charged us the "electricity surcharge" -- for a room with no electricity. Ambulances were called to assist visitors (children and elderly) who couldn't handle the 100+ degree Vegas heat with no air conditioning. Management is rude and quick to point fingers, refused to take any responsibility or even offer dinner or drink vouchers as a concession. Its no shocker that the other strip hotels are able to stay in business charging double the Riviera's rates while the Riv has to reorganize. I only wish the bankruptcy meant this dump and death trap would be shut down. I'll only go back to watch the hotel be imploded.

Eda Risk Jul 15th 2010 2:18AM

Well, when that happens we can kiss old Vegas goodbye and turn it over to the rich.

JEB BUCKINGHAM Jul 15th 2010 1:44AM

Why do you think they call it "SIN City"?

S pent
I ncome
N ow broke

ladydi9251 Jul 15th 2010 4:26AM

lol!!!

J.E.B. Jul 15th 2010 1:48AM

Why do you think it's called "SIN City"?

S pent all the
I ncome
N ow broke!

Jim Fedullo Jul 15th 2010 2:02AM

Doesn't this tell you that if you gamble at the casinos you are more likely to lose more often. I mean if they need money, they aren't going to give it away so readily. I live in Reno and I haven't heard of any big winners in weeks. The downtown looks like a ghost town several days of the week, there are no jobs & many places are so run down its pitiful. I lived here & Sacramento, Ca 13 years ago , I was upper management for Weinstocks Depy Stores. I had 14 years w/ them when they crashed & burned. I have lived , worked or went to college in RENO, LAS VEGAS, SACRAMENTO, SAN DIEGO, PHX,MESA & SCOTTSDALE,AZ, PORTLAND, TACOMA,WA, NASHVILLE, KANSAS CITY, KS/MO , S.L.C. UTAH & ARKANSAS in the last few decades & they all look REAL BAD at the present time. 3 things people will always find the time for when times get bad, alcohol, drugs & gambling. What a shame that when times get bad, people don't pull up their bootstraps are go the extra mile.

jim Jul 15th 2010 2:01AM

You can put the blame squarely on Harry Reid and his ilk. That means Obama, Pelosi and the rest of the clowns in charge.

General Bullmoose Jul 15th 2010 2:04AM

Buick couldn't make a go of their Riviera, either. Let the French have their Eurotrash Riviera. We don't need one.

oshae Jul 15th 2010 2:13AM

Michigan needs help too. anyways, i was in vegas last fall. OMG expensive! how can tourist survive out there?? they wonder why ppl quit touring out there. its rediculasly expensive. i spent my share but yet it was frustrating.

Eda Risk Jul 15th 2010 2:32AM

Well when that happens we can kiss old Vegas goodbye. There are just a few places that are still affordable and attract mature adults. The Riv is one of them. We have always enjoyed staying there. It's not congested like center strip and you don't have to deal with twentysomethings drinking more than they can handle . It makes me sad to see any hotel imploded. With each one goes a little piece of Vegas history.

ken mcclellan Jul 15th 2010 2:54AM

Hopefully the idiots that ran the McCain/Palin campaign aren't anywhere near the Angle one as this opportunity drops right in her lap. REMIND voters that the Democrats and Harry Reid are taking credit for saving a project of the huge MGM/Mirage, but choose not to help anything north of the Wynn that could also use it. Their hypocrisy has stopped amazing me.

Vegas Hates Rap Jul 15th 2010 9:52AM

I have to agree with you Sal, My wife and I moved to Vegas back in 2005 when everyone was moving there. The city still is the greatest in the world but like you said the economy is still in the toilet no thanks to the hope and change guy, Hopefully Vegas and the rest of the country can bounce back but it won't be through this administration but maybe by early 2013 we can be going strong again. As far as the Riviera goes, I highly advise anyone who understands history and is older than 18 to check this casino out. The food is definitely a good value for the price and the shows are worth checking out if you have the time. Also make sure you check out the wall of pictures that leads into the casino from the main entrance by the parking garage. You will enjoy pictures of the rat pack, Frank Snatra, etc.

Angela Jul 15th 2010 2:30PM

Thx Eda and sinner4fun:

Re: Sands,
Speaking of the stocks pricing. They are both Wynn and Sand (LVS) are doing well.
Thank so much and by all means keep coming to Vegas! We have deals here as of late; one just need to ask; (be a little aggressive but polite) and you will get a good deal on hotel rooms and much more.

Cheers!
I love my town!
Angela7

Dissatified Jul 20th 2010 12:51AM

Test

Dissatified Jul 20th 2010 1:12AM

I didn't even know the Riviera was still open used to be my favorite place about 15 years ago! Where's the advertisement?? I drove in from Cali and my friends and I ended up at the Stratosphere end and drove past the Riviera... I made them stop just for a beer I said, well we went in and sat down put 20 in the machine waited over 40 mins for a cocktail I was playing quarters my friend was playing nickles....SHE COULD NOT GET A FREE DRINK!!! BECAUSE SHE WAS PLAYING NICKLES!!!! WOW ..couldnt get a customer service person, a waitress.. Got mad cashed out, 1 person at the cage window with a line of about 20 people, no wonder the place is filing BK!! CUSTOMER SERVICE IS NON EXISTENT THERE!!

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