Riviera Defaults on Two Credit Agreements

I went to Riv and was writing a trip report for a local site when I stumbled upon something the local media had not yet covered. Riviera's parent company is in default on two credit agreements as of a filing with the SEC last month. Its auditors released a "going concern warning" in its 10-K for fiscal 2012 filing with the SEC. The latest 10-Q was full of cautionary comments about its future.

The lenders also own part of the company so that may keep the boat floating for a while but it had posted a $14 million loss for the first half of 2013. Its hotel occupancy was just 55% during 2Q 2013.

Interesting.

I don't think I read it here, but I recently read that they have been in violation of Nevada Gaming rules for several months now, because they do not have a 24/7 dining option.

Quote: DJTeddyBear

Interesting.

I don't think I read it here, but I recently read that they have been in violation of Nevada Gaming rules for several months now, because they do not have a 24/7 dining option.

I love that rule!

Quote: DJTeddyBear

Interesting.

I don't think I read it here, but I recently read that they have been in violation of Nevada Gaming rules for several months now, because they do not have a 24/7 dining option.

The way I stumbled upon the SEC filings is that I was writing about the property and its closing of the poker room, buffet, Asian games pit etc. I believe the sign at the Banana Leaf Cafe showed 24/7. I just checked their website and it states it is 24/7:

http://rivierahotel.com/las-vegas-dining/banana-leaf-asian-restaurant/

I do not know how long they have been 24 hours. The British Pub was once 24 hours, but I believe that changed when the ownership went from tenant to casino.

Edit: It looks like there are two food court options that are 24 hours too:

http://rivierahotel.com/las-vegas-dining/mardi-gras-food-court/

I don't know how updated that is though because the buffalo wings place was out of business when I was there Saturday but still listed there.

Hmmm....

I probably read that on Anthony Curtis' site. Not the most reliable source...

The Riv is one of the scariest places on the Strip,
its gives me the creeps when I'm in there. Its
smells odd and some of the pit people have been
there since Prohibition. Pit People, that's a good
name for them..

I found it:

http://www.lasvegasadvisor.com/whatsnews2.cfm?showdate=08/31/2013&startdate=08/22/2013

Quote:

August 30, 2013 Riv Buffet Closed: It comes as no great surprise, following the discontinuation of dinner service earlier this year, but now the Garden Fresh Buffet at the Riviera has discontinued all service and closed its doors, effective immediately, we just learned courtesy of VegasChatter. As an aside, the Riviera continues to be in violation of Nevada gaming regulations, as it has been for months now, since it's a resort-hotel but does not provide any 24-hour dining option (see QoD 6/16/13).

I was there on August 31st and saw the sign for the cafe being 24 hours.

Edit: I don't like posting links to my work but I think hope domain is OK with the forum. My trip report is at 4flush.com and the earnings report info is at uspoker.com.

Quote: Pokeraddict

I do not know how long they have been 24 hours. The British Pub was once 24 hours, but I believe that changed when the ownership went from tenant to casino.

I'm shocked Every time I go there they are packed and rooms are full. AAMOF late one night the Casino manager walked me up to the front of the check in counter as angry people in the line glared and grumbled. The manager told the receptionist to give me a room asap. The receptionist whispered to him we are full and over booked we have absolutely no rooms. He asked what are you going to tell all them people in line? the receptionist just shrugged his shoulders.

Absolutely NO British in that pub anymore. The Steakhouse sucks now IMO, service was mediocre at best 3 weeks in a row, food was so, so and they have a crappy menu at the other restaurant. With all that being said I still like the place they have ran some good promotions. Comedy club is always inexpensive and they have very funny comedians 2 of the best I have seen. You can always find free games of vintage pinball and air hockey in the arcade area, definitely +EV just don't tell Bob Dancer .

I would hate to see the Riv close or change hands.

If I can't get my spotted dick when I'm in Vegas heads are gonna roll.

I Was disappointed. The menu online looked great and i have never had that type of food, so we went just for that reason and the entire menu changed to crap.

My GF told me i was spoiled rotten, kids are starving in Ethiopia. I said....name one

Quote: Pokeraddict

I was there on August 31st and saw the sign for the cafe being 24 hours.

Sure, it's open 24 hours....but not in a row.

I stayed at the Riv once. At check-in they handed me a fun-book with coupons and such. When I looked through it up in the room, there were already 3 pages torn out of it. I promptly went down to the desk to get another one, and was told management tore them out because that restaurant had closed, and they were too lazy or cheap to print up more. Very classy.

The Sunday Brunch buffet was awful; very limited offerings in terms of quantity and quality. Worse than the Quad even.

Their poker room has a $2 jackpot drop, the highest in town. When I flopped 8888 one time (with 2 in my hand), I got nothing because they don't pay progressive high-hand jackpots. I asked "Soooo, you take a $2 jp drop...WTH do you use it for then?" Dealer nodded towards a tournament schedule sign in the corner. "That's it? Take $2 per hand, then pay it back all at once through those tournies?" He just shrugged.