In February 2015, the Las Vegas Convention and Visitors Authority (LVCVA) acquired the Riviera hotel and its associated land for $182.5 million. The property was leased back to its existing operators, Paragon Gaming, who officially closed the establishment on Monday, May 4, 2015.

The Riviera Hotel and Casino in Las Vegas had a storied ownership history before its demolition in 2016. It was originally opened in 1955 by a group of investors from Miami, led by Samuel Cohen, and was famously the first high-rise on the Strip. Throughout the 1960s and 70s, it had various owners, some with rumored ties to organized crime, including figures like Gus Greenbaum. In 1973, it was purchased by the wealthy businessman Meshulam Riklis, who controlled the property for nearly two decades through its various bankruptcies. Following a final corporate reorganization, it was owned by Riviera Holdings Corp. In its final chapter, the Las Vegas Convention and Visitors Authority (LVCVA) purchased the "Riv" in 2015 for $182.5 million specifically to demolish it and expand the Las Vegas Convention Center, which now stands on the site as the modern West Hall.

The Riviera Hotel in Las Vegas had several owners throughout its history. It was originally opened in 1955 by a group of investors, including Detroit mobster William “Billy” Bischoff and Miami businessman Samuel Cohen. Over the years, ownership changed hands multiple times. Notable owners included:

1. The Riviera Operating Corporation: The hotel was managed and operated by various entities associated with organized crime during its early years.
2. Entrepreneurs and Corporations: In the 1970s and 1980s, the hotel was purchased by legitimate business entities, including the Riviera Holdings Corporation, which took over in the late 1980s.
3. Par Capital Management: In 2010, Par Capital Management acquired a significant stake in Riviera Holdings.
4. Final Years: The hotel faced financial difficulties and was eventually sold to the Las Vegas Convention and Visitors Authority (LVCVA) in 2015. The Riviera was closed and demolished in 2016 to make way for the expansion of the Las Vegas Convention Center.

Throughout its existence, the Riviera Hotel was a landmark in Las Vegas, known for its association with the Rat Pack and its role in the city’s entertainment history.