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Old Posted Apr 6, 2006, 2:57 PM
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Bender13 Bender13 is offline
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Join Date: Jul 2005
Location: Portland
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The Riviera has been sold. Article from todays Sun.

Today: April 06, 2006 at 7:41:59 PDT

Developers' group buys Riviera casino for $211.5 million


Developers' group buys Riviera casino for $211.5 million LAS VEGAS (AP) - Las Vegas hotel and casino operator Riviera Holdings Corp. on Thursday agreed to be bought by a group of private developers for about $211.5 million.

The developers also will assume $215 million in Riviera debt.

The developers, who formed Riv Acquisition Holdings Inc. to execute the purchase, will pay $17 a share, a premium of 13 percent to the stock's closing price on March 22, when the company first announced it was in talks with the group. At the time, the company had about 12.5 million shares outstanding.

In December, Riv Acquisition reached an agreement with Chief Executive William L. Westerman to buy 1 million shares from him for $15 each.

Riv Acquisition is comprised of Flag Luxury Riv LLC, Rivacq LLC, RH1 LLC and High Desert Gaming LLC.

The deal is expected to close in the first half 2007, pending shareholder and regulatory approvals.

Riviera shares shed 19 cents, or 1 percent, to $17.95 in early trading on the American Stock Exchange. The stock has traded between $11.30 and $26.83 over the past year.
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