Ask around, and nearly everyone has an opinion on what Las Vegas has become, and continues to turn into. The themed casinos of yesteryear have taken the backseat to mega integrated resort-casinos on the Las Vegas Strip. An industry which heavily relied on gaming revenues to pay the bills has seen total gaming revenue account for only 37 percent of all revenue, on the Strip that is.
And the clash between “old” Vegas and the Vegas of the future was never more clear last week when the Riviera closed its doors for good, while the next generation of the “integrated resort” was launched at the groundbreaking of Resorts World, the first foray by Malaysian gaming giant, Genting, into the Las Vegas market.
In years past, even the hotels and restaurants served as a means to keep the guests inside the casino, and were written off as loss leaders, a small price for the casino to pay to keep the high rollers in their establishments. As the gambling whales become fewer and fewer, Las Vegas has been forced to adapt. Hotels are not only expected to show a profit now, but account for the largest source of revenue. Food and beverage have faced the same evolution as well on the Strip.
Although the town has evolved and adapted through the years, there have remained traces of “Old Vegas” throughout. The Riviera was, perhaps, the quintessential example of Old Vegas on the Strip. When the property opened on April 20, 1955, Liberace received $50,000 a week to wow audiences with his talent and showmanship. Joan Crawford welcomed guests inside.
Through the years, “The Riv,” as it is affectionately known, has had performers such as Elvis, George Burns, Milton Berle, Don Rickles, Dolly Parton, you name it. If they were big, they played there. Even Liza Minnelli graced the cover of the Versailles Theater menu.
Unfortunately, through the years, the Riviera hung on to its storied past, refused to give in to the changing times, and was given an offer they couldn’t refuse. It is rather fitting, the $182 million sale of the property was to the Las Vegas Convention and Visitors Authority, who will turn the prime real-estate into a link between the Convention Center and the Strip.
The Convention Center was in desperate need of two things, more space to accommodate additional conventions, and access for those people to get to the Strip. The Riviera was the perfect purchase, as it will help on both fronts. Part of the non-gaming revenue stream has come from conventions over the years, which continues to grow.
Over the past few decades, it was obvious the Riviera just simply wasn’t adapting to the times, and making the necessary changes to keep up with the hustle and bustle of the Strip. While the property was still reveling in its storied history, other properties were making their own.
After hemorrhaging money for years, the property found itself in the black after being taken over by Paragon Gaming in September 2013. The company, who brought in countless years of experience, made significant changes to the gaming floor, including a sleeker slot floor, and a selection of table games which fit the demands of customers.
Ever since the announcement was made in late February, guests were sharing their stories with anyone who would lend an ear. One guest, born on the same day the property opened in 1955 was heartbroken he could not make it out for one final visit to bid farewell to what naturally was his favorite casino. Stories continuously circled on the property of patrons who had been coming in for 20, 30, 40, or even more years, basking in the bittersweet memories the property provided.
Even employees put in a number of years at the Riv which are quite uncommon these days. Several floor men served for 30+ years at the property, some cocktail waitresses the same. A couple dealers, too, spent 40+ handing out great wins and bad beats alike. The most impressive, however, is one bellman, who put in 51 years of service in the property.
What will these long tenured employees be doing now? Some will find work on other properties in the city, while some are ready to kick back and enjoy their twilight years in peaceful retirement. The entertainers in the wildly popular Crazy Girls show aren’t ready to hang up their stilettos just yet though, and will continue their show down the street at Planet Hollywood, hopefully on May 13.
The Riviera, as quintessentially classic as it was, seemed to serve as the unofficial gateway between the Strip and downtown Vegas, which is seen as “Old Vegas” by most. The times, they are a changing, and with the end of an era of Vegas upon us, the city is wasting no time in moving forward to take us into the next one, which we can only hope will provide us with even more memories than the past.
Just across the street and a day after the Riviera was shuttered, Genting’s Resorts World Las Vegas broke ground. Although “breaking ground” was a bit of a misnomer since large swaths of the development are already under way, courtesy of Boyd Gaming, which had hoped to build its penultimate development, Echelon, on the site of the old Stardust. But the national recession intervened and two years ago, Boyd sold the site to Genting, which will use much of the infrastructure already built for Resorts World.
The groundbreaking was a gathering of Nevada’s rich and powerful, starting with Governor Brian Sandoval, orchestrated by Vegas’ man behind the scenes, Sig Rogich, and including Steve Wynn and other hotel bosses. Resorts World is the first Nevada development by Genting, which owns the most lucrative casino in the U.S. with Resorts World New York at Aqueduct Raceway.
Genting Chairman KT Lim gave a lengthy description of the Las Vegas property, explaining why they chose a Chinese theme (it will attract Americans, as well as international visitors). Included in the project will be a replica of the Great Wall of China, the first 20th Century Fox theme park, and other attractions. Most doubted that a “possible” panda exhibit would be completed due to the complication of “panda politics.”
“To have the ability to experience the authentic history, culture and cuisine of China in Las Vegas, within a few hours’ flight from all U.S. cities, will provide yet another compelling reason to visit or to revisit Las Vegas,” Lim said. “And it will not be just old China that visitors will see, but also the vibrant new China—a true representation of the importance of this ongoing and ever-growing relationship across the Pacific in this century.”
Governor Brian Sandoval said he was confident that the resort would be completed, given the inaction surrounding the property since Resorts World Las Vegas was announced two years ago.
“With the beginning of construction of Resorts World Las Vegas, the Genting Group will be creating thousands of new jobs in our state and will generate billions of dollars in new economic activity that will benefit all Nevadans,” Sandoval said. “Resorts World Las Vegas will truly help grow the Las Vegas market by attracting greater numbers of visitors, conventions and shows to our state. I am proud to welcome them as a bold new additional of the New Nevada economy.”
Details of the project were somewhat sketchy, but it definitely will include three hotels; multiple restaurants featuring a variety of authentic, regional Chinese cuisines; over 100,000 square feet of gaming space; numerous retail offerings; and a top-tier nightlife venue.
Lim said the project would open in phases starting in mid-2018.
