If trying with different batteries does not help...and with different remote (try universal for $5-$10 from Walmart or Target) then it is more likely that it is the main board than the IR sensor.
The main board of LT40164 has a known issue which is not best known for losing IR, but may as well result in that on top of other things.
It is only fair to say that so far we have NOT seen a board that lacks IR connectivity...but knowing the nature of the common failure...I would not rule it out as a possibility.
http://www.coppelltvrepair.com/p/1635/repair-service-for-mitsubishi-main-board-934c374002-causing-dead-tv-blinking-loop-no-hdmi-no-audio-etc-problems
Check the remote control for its infrared emission. Check it with fresh batteries. If it is found OK, the infrared sensor inside the TV should be replaced. If you wish to get some details, check the site linked here. Pull up older posts. Check the site in 'Mosaic' view. It will make search easy. http://electronicshelponline.blogspot.com/
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