Riviera managers shed more light on likely future renovations of the casino today when they appeared before state gaming regulators.
The Nevada Gaming Commission finalized approval of Paragon Gaming, which has operated the Riviera for more than a year, to receive a portion of the property’s gaming revenues. Asked about a possible facelift for the aging casino, one of the oldest in Las Vegas, Paragon President Scott Menke suggested the company might refurbish hotel rooms and bathrooms, among other changes.
Paragon had previously told the Gaming Control Board that renovations could cost more than $100 million. Menke said after he spoke to the commission that it’s too early to confirm specifics about finances.
Since taking over last summer, Paragon has already made some changes to the property, like improving carpeting and remodeling the showroom.
Bennett reminded the commission that a regulatory audit of the Riviera conducted as Paragon was starting to manage the property found more than 20 issues, while a later audit found only three.
“It doesn’t surprise me that the Riviera is doing so much better under your management,” Commissioner John Moran told Menke and Paragon CEO Diana Bennett. “I just think it’s pretty incredible that you can take that kind of a property and really make it start working.”
Commission Chairman Tony Alamo said the Riviera is in a “challenged area” and is a “tired building.” But he pointed to the opening of SLS Las Vegas and MGM’s plans to build a concert venue nearby as signs the area is starting to turn around.
The Riviera has filed for bankruptcy several times, most recently in 2010, but it has substantially improved its financial position this year.
Riviera Holdings Corp. increased year-over-year net revenue by 39 percent in the first half of 2014, and its net loss decreased by more than half, according to a quarterly filing with the Securities and Exchange Commission.
Editor's note: A previous version of this story incorrectly quoted Gaming Commission chairman Tony Alamo in his description of the area around the Riviera.