Since the Riviera is being replaced with a non-gaming property (an extension of the Las Vegas Convention Center), "the license will be done," says the Nevada Gaming Control Board. One can’t put a value on a gaming license since it isn’t a fungible asset, can’t be bought or sold. Also, due to the vast diversity of casino size and locations in Nevada, there’s no 'typical' casino that could be a yardstick of value. Furthermore, licenses are site-specific and can’t be moved except in extraordinary circumstances. One such was the realignment of downtown Reno, "when the [Department of Transportation] came in and moved train tracks. They uprooted people," reports the Control Board. "But generally, no."
There is, however, one 'floating' license that Station Casinos acquired when it bought two parcels of real estate in Reno. Since the license wasn’t site-specific and came without the 200-hotel room requirement, it was thought for a while that Station was going to use it to build a casino-restaurant on the old Castaways site near the Boulder Strip in Las Vegas. The company even commissioned a design for the property. However, with the Great Recession, that plan went away, as did several other Station projects. But they’ve still got that license in their back pocket, should they choose to deploy it.
