Riviera Las Vegas Closes, Hooters and Tropicana Las Vegas Sold

IMG_20150501_182902Riviera Las Vegas Closes

Riviera Las Vegas closed its doors at noon on May 4. Players dropped by over the weekend for one last look.  The tables games closed around 3am on Monday morning.  The slots and bar stayed open until the last minute.  By 12:30pm, the last guests had been shown the door.

It operated for 60 years on the Las Vegas Strip.  It was the first high rise hotel on Las Vegas Blvd and the ninth casino in the resort corridor.  The property was acquired by the Las Vegas Convention and Visitors Authority.  It will be imploded to make room for a massive expansion of its convention facilities.

A liquidation sale will take place on the premises starting on May 14.  Table games, kitchen equipment, logo items and hotel furnishings are among the items for sale.

Video poker and slots will not be among the items at the sale.  Those were acquired by Derek Stevens, owner of Golden Gate and The D, both located on Fremont Street downtown.  Some of those devices will be installed at that casino.  Others will be auctioned off.

Hooters Casino Sold

Hooters Casino in Las Vegas was sold for $53.8 million, as first reported by the Las Vegas Sun.  Trinity Hotel Investments of New York is the buyer.  The Las Vegas Sun speculates that the Hooters branding will be removed from the property and replaced by something under the Trinity umbrella, which includes Holiday Inn. The existing Hooters restaurant on the property is expected to stay.  The deed was recorded on May 1, meaning the sale has already occurred.

Tropicana Las Vegas to be Sold

Hooters isn’t the only property being sold in that part of Las Vegas.  Its neighbor Tropicana will be sold to Penn National Gaming, according to the Vegas Inc.  That group already owns the M Resort south of the Las Vegas Strip.  This will be the first property on the Las Vegas Strip for Penn National Gaming.  The sale price is not yet disclosed.  The Tropicana players club will be replaced by one managed by Penn National.  This sale does not affect the Laughlin or New Jersey properties, which both have different owners.

Resorts World Break Ground

Resorts World broke ground on Las Vegas Blvd on Tuesday.  It is directly across the street from Riviera, which closed the previous day.  The new resort owned by Genting will be on the former Stardust property.  It will include a Great Wall of China down Las Vegas Blvd.  The Asian-themed resort is expected to open in 2018.

Macau Revenue Falls Again

Macau’s gaming revenue fell sharply for the 11th straight month.  The world’s largest gaming market dropped 39 percent in April from the previous year.  It raked in $2.4 billion last month.  The loss of gaming revenue affects Wynn Resorts, Las Vegas Sands and MGM Resorts.  Wynn Resorts cut its dividend from $1.50 to $.50 for the past quarter based on its exposure to Macau and the gaming losses in the market.