Las Vegas is the gambling capital of the world, where fortunes are made and lost in the blink of an eye. But while casinos are known for their ability to rake in money, not all of them are winners. Some have earned reputations for being unlucky for the players—or worse, for losing so much money themselves that they’ve been forced to shut down or completely reinvent their business models. Here are the five most losing casinos in Las Vegas that you won’t believe.
1. The Riviera Hotel and Casino:
The Riviera was once a Las Vegas icon, known for its old-school charm and Rat Pack-era allure. However, in its later years, the casino struggled to keep up with the modern, glitzy resorts that surrounded it on the Strip. Despite hosting several major films, like Casino and Ocean’s 11, the Riviera suffered from declining revenues and dwindling foot traffic. The casino’s outdated image, coupled with poor financial management, led to multiple bankruptcies and ownership changes. Eventually, in 2015, the property closed its doors for good and was demolished. The Riviera is a prime example of a casino that couldn’t keep up with Las Vegas’s evolving landscape.
2. The Aladdin:
The original Aladdin Casino, which opened in 1966, had a rocky history that saw it go through several owners, including a controversial stint when it was tied to organized crime. Over time, poor management, financial troubles, and frequent changes in ownership doomed the property. Despite its prime location on the Strip, it could never attract enough high-rollers or maintain the kind of profitability necessary to stay afloat. In 1997, the Aladdin declared bankruptcy and was later demolished in 1998. The casino was rebuilt and reopened in 2000, but it continued to struggle. Eventually, it was rebranded as Planet Hollywood in 2007, and the Aladdin name faded into history.
3. The Sahara:
The Sahara Hotel and Casino was another vintage Las Vegas property that fell victim to the changing times. It opened in 1952 and had its heyday in the 1960s when stars like Frank Sinatra and The Beatles performed there. However, by the early 2000s, the Sahara was no longer a major player on the Strip. The casino’s old-school charm couldn’t compete with newer, more modern resorts. It saw declining revenue and struggled to attract a younger audience. The Sahara eventually closed in 2011 after years of financial losses. It reopened as the SLS Las Vegas in 2014, but after another financial struggle, the Sahara name was revived in 2019 in a bid to reconnect with its storied past.
4. The Lucky Dragon:
One of the most shocking casino failures in recent memory, the Lucky Dragon was designed to cater to the growing Chinese and Asian-American markets in Las Vegas. Opened in 2016, it promised an authentic Asian-themed experience complete with feng shui-designed architecture, exclusive Asian cuisine, and games like baccarat. However, the casino struggled to attract enough customers, and within two years, it filed for bankruptcy. The Lucky Dragon’s rapid demise is often blamed on poor marketing and failing to appeal to a wider audience beyond its niche. The casino closed in 2018, making it one of the shortest-lived casinos in Las Vegas history.
5. The Fontainebleau (The Drew):
The Fontainebleau is perhaps one of the most infamous examples of casino projects gone wrong. Originally planned as a luxury resort on the north end of the Strip, construction on the Fontainebleau began in 2007. However, the 2008 financial crisis halted progress, leaving the building 70% complete and millions of dollars in debt. The project remained a massive, empty shell for nearly a decade, a glaring symbol of Las Vegas’s real estate bust. It was eventually sold and rebranded as “The Drew,” but as of 2024, it remains unfinished and unopened. This $2.9 billion project has become one of Las Vegas’s biggest financial losses.
Conclusion:
While Las Vegas casinos are often seen as profitable ventures, these five properties serve as a reminder that the city is full of risks—even for the house. Poor management, bad luck, and changing market conditions have led to their downfall, proving that even in the gambling capital of the world, not every casino is a winner.
Photo: Freepik
