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Riviera Closing, Revel Sale Fails Again, and Olympic Betting Coming to Nevada

Riviera Las Vegas Implosion Rumors Confirmed

The buzz in Las Vegas this week is that the Riviera will be sold to the Las Vegas Convention and Visitors Authority (LVCVA). The convention center group would then implode Riviera and expand into the property. Local Las Vegas CBS affiliate 8 News Now confirmed the rumor to be true. The 26-acre property adjoins a sprawling parking lot already owned by the LVCVA. Reports state that an announcement on the sale will be made on February 17.

It is business as usual at Riviera. The casino is still fully staffed and accepting room reservations through the end of 2015. Show tickets are available through June 30.

Revel Sale Fails Again

An attempt to sell Revel has once again failed. Developer Glenn Straub’s bid through his Polo North Country Club was at a 96 percent discount over the cost of building the property. Conflicts with existing tenants and the utility company that powers the property caused Straub to ask for more time. When the sale did not close by February 9, Revel pulled the deal and announced that it was keeping the $10 million deposit. The sale price was to be $95.4 million. The cost to build Revel was $2.4 billion.

Olympic Receives Initial Approval

Betting on the Olympics is one step closer to legal in Nevada, according to a report from the Las Vegas Review-Journal. The Nevada Gaming Control Board approved a measure that would allow betting on the Olympics this week. It goes before the full gaming commission later this month.

Atlantic City Gaming Revenue Flat in January

After a sharp decline that has spanned nearly a decade, January provided a flat month in terms of revenue growth. The New Jersey Division of Gaming Enforcement announced this week that Atlantic City casinos won $186 million in January, even with the previous year. Seven of the eight remaining casinos in Atlantic City posted gains. Six of those resorts won at least 18 percent more than they did in the previous January. Trump Taj Mahal was the only loser.

Internet gaming revenue came in at $11.5 million. Of this, $9.3 million came from house banked games. This was up 54 percent over January 2014 and 8 percent from December 2014.

Trump Taj Mahal Poker Room Closing Temporarily

The 48-table Trump Taj Mahal poker room will close at 11:59pm on February 15. It will reopen on or about July 4, according to a statement made by Trump Entertainment Resorts CEO Robert Griffin to the Associated Press. The now unprofitable room will be remodeled and restructured in an attempt to return it to profitability. The Trump Taj Mahal is releasing its jackpot funds this weekend through bad beat jackpots with low hand requirements. This is standard for rooms that are closing, even if only temporarily.

Clarion Las Vegas Implosion Not Completely Successful

There were a couple of issues with this week’s implosion of the Clarion in Las Vegas. It was delayed due to at least five people gaining access to the blast zone. It finally imploded around 3am local time. When it did, the elevator shaft failed to fall. A crane had to be brought in to finish the job. This required a lasso device to be wrapped around the remaining structure and pulled down by the crane. You can view the implosion below.

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