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THEpoll: Should Derek Buy Out The Riviera?

By Chuckmonster on Tuesday, 5th August 2014 10:37am
  » filed under Las Vegas  comments: 4

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Should Derek Stevens Buy Out The Riviera?

The ground at the Northern end of the Strip is rumbling with the sounds of bums rushing in with money. The Nu-Sahara opens in three weeks, construction crews are poised to arrive at Resorts World any day now, MGM is renting out the old El Rancho parcel to host an occasional rock concert, the old Hilton is now in the taught grip of Westgate Resorts and Packer & Pascal are all in on a new frontier.

MGM's plans with Circus Circus are clear - squeeze every damn cent out before it makes sense to implode and rebuild. Carl Icahn's plans with Fontainebleau are the same as it was when he bought it from arrears - cold storage till he finds the right sucker to lick his price tag.

And then there is the Riviera.

Desert Rock Enterprises LLC, an investment corporation created by Derek and Greg Stevens holds 20% stake in the Riviera (as well as 65% of the Golden Gate and 100% of The D Las Vegas via sister corporation Desert Rock Enterprises II).

So the question for you is... Should Derek Stevens buy out the Riviera?

Full disclosure: VegasTripping.com is partnering with Derek Stevens and The D to produce the Vegas Internet Mafia Family Picnic in October 2014. We have not consulted with or contacted Derek or Desert Rock Enterprises about this poll.



Tagged: thepoll   derek stevens   riviera   



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Comments & Discussion:

I think there needs to be a third selection. It Depends. At the end of the day D.Stevens is a business man and his objective is to make profit. I think he does a damm good job of remodeling and refurbishing existing properties to make them profitable (I'm assuming since I haven't seen his books). The best example is the D. I believe him and his bro invested $15-20 million dollars to transform that property into what it is and it looks awesome. Especially the lighting he has done on the outside and in. Kind of reminds me of a cross between Steve Wynn for his innovation and the Late Bill Bennett of Circus Circus Fame.

Back to what I was saying, the it depends, would depend on if he could get it at the right price (plus whatever it would take to refurbish it). With that being said I hope he is able to get it at the right price. Seeing what he has done with the D it would be awesome to see what the guys skills would be in transforming the Riv. Best of luck Derek.

I would think the Rio could be had cheap and would be a good fit for Stevens.

The one thing that has prevented a sale of The Rio can be summed up with the following letters:

WSOP

The only thing keeping The Rio viable is the WSOP and attempts to sell The Rio have fallen apart because the buyer either wanted a discount on the deal or require the WSOP to remain at the property for a few years after the deal closed.

I would agree that WSOP is the main reason people even remember the Rio besides having Penn & Teller there. That said, I voted yes with conditions. A purchase would stretch Stevens a bit thin wouldn't it? It would be hard keeping tabs on three casinos and the courthouse property.

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