What's wrong with the Riviera?

Recently there was an article in the Las Vegas Sun about the Riviera investing a bunch of money to renovate, which, IMHO, is welcome news anywhere. 

I'm a regular reader (and sometimes contributor) to the Las Vegas board on tripadvisor.com, and every now and then someone asks about staying at the Riviera.  The board is quickly inundated with dire warnings and horror stories about the place, which seem to have the desired effects of scaring people away.  Even my Frommer's guide lists this place as "not worth your time or your money."  They officially have a "bad reputation".

I'll admit to having a soft spot for the place.  It's certainly "old school", after all the great movie Casino was filmed there.  I also have a particular annoyance at people who complain that "Vegas hates it's history" and "Big corporations are destroying Vegas", and yet never venture down to the places that are trying to hold on to "the old vibe".  But I digress a bit.

Some years ago, never mind how long precisely, I stayed there.  It was my second ever trip, and I found the place perfectly acceptable.  Even then it was long past hip, but I've been past hip for a while myself.  There was nothing about the place that really wowed me, but I don't remember anything being particularly bad either.  When I make my wee jaunts out to the desert paradise, I always make a trip to the old Riv.  And every time I go, it seems more dated, more rundown, and less busy than the last time, which makes me a bit sad.  Yes, I'm a bit of a weepy sap about such things, but the Riviera was where I learned craps, thanks to the helpful, polite and terribly patient dealers.  The staff, overall, was really great - friendly bartenders, helpful dealers, and the guy that hailed my cab and gave me directions to a couple of places.  After quite a few years, I remember the good service.  There is a lesson there somewhere.

Now back to the headline of my little post, "What's wrong with the Riviera?" 

1.  It's old.  Built in 1955, which makes it very old by Vegas standards.  Old isn't really a bad thing.  Outdated is a bad thing.  The Riv is outdated, and it takes a good bit of money to fix that.
2. It's run down.  Again, a lot of money can fix that.
3. It has a very bad reputation.  Vegas is a town where such things can change though - not too long ago the Tropicana, the Plaza, the El Cortez, and the Gold Spike had terrible reputations. All have made something of a comeback since undergoing big redevelopments.
4. The north strip is dead.  When I stayed at the Riv, Stardust, Circus Circus, the Sahara, and the Stratoshere were all within walking distance.  Now only Circus Circus and the Strat are left and the Strat is too long of a walk for many people.  The Fontainebleau and the Echelon sites sit half finished and will not be finished for years to come.  There is no foot traffic and no big money anywhere in the area.  This is probably the Riviera's biggest problem, and the one the new owners won't be able to fix.
5. The casino is way too empty, and the few people there are low-rollers. As a low-roller myself, I'm not complaining, and you can certainly run a good business if you get enough of them in the door, but that just isn't happening right now.

I'm still optimistic since the place has new owners, and maybe a bit of money to spend.  They've sold the sister casino in Colorado, so it seems like they are all in on Vegas.

Good luck to you fellas.  If you go away, the people who never visited will cry.