Rumors are running rampant that the Riviera is on the chopping block and will be sold to the Las Vegas Convention & Visitors Authority in a cash deal to make way for more convention space. Multiple news outlets report that the sale will be official soon.
The casino, celebrating its 60th anniversary this year, is home to R Steak & Seafood, Banana Leaf Cafe and Wicked Vicky Tavern, along with a food court with Angelina's, Big Burger, Cheese Steaks Etc, India Masala, La Salsa, Quiznos and Wok Express.
The Riviera sits on 26.36 acres of land that extends from Las Vegas Boulevard to Paradise Road.
The Las Vegas Sun reports that the LVCVA expansion is part of a $2.3 billion Las Vegas Global Business District strategy that the organization enacted two years ago.
“According to those familiar with the transaction, the purchase of the Riviera from its current owner, lending company Starwood Capital Group, would lead to the closing of the hotel as early as May. The LVCVA would then order the demolition of the building by the end of June and clear way for a new convention center project expanding the authority footprint on Paradise Road,” the Las Vegas Sun reports.
The Riviera went into bankruptcy in 2010. The resort and its 2,100 hotel rooms, an 110,000-square-foot casino and convention space have been on the market since then.