Riviera Casino and Hotel
FAREWELL TO A LEGEND
On May 4, 2015, the Riviera Hotel & Casino closed its doors for good as the property was purchased by the Las Vegas Convention and Visitors Authority to make way for the much anticipated Global Business District. Paragon managed the asset for its final two years orchestrating a staggering turn-around in bottom-line results taking the property from a trailing twelve month loss of approximately $17,000,000 at takeover, to an approximate positive $4,000,000 in their first full year of managing property-wide operations (July 2013 – July 2014).
With management oversight of 2,100 hotel rooms, a 60,000 sq ft casino featuring 750 slots and 20 table games, 5 F&B outlets, 4 showrooms and 150,000 sq ft of meeting and convention space, Paragon created and executed an operating plan that stabilized an under-performing asset, allowing Starwood Capital Group and the balance of ownership to maximize its opportunities through a sale.