Riviera owns and operates the Riviera Hotel and Casino on theLas Vegas Strip and the Riviera Black Hawk Casino in Black Hawk,CO. The would-be buyer is Riv Acquisitions Holdings Inc., whichconsists of Paul C. Kanavos and Robert Sillerman, the managingmembers of New York City-based Flag Luxury Properties LLC; LasVegas developer Brett Torino; and Starwood Capital Group chairmanand CEO Barry Sternlicht.
Last year, Riviera's shareholders rejected a $17-per-share cashoffer for the company from Riv. In late-March, Riviera rejecteda $27-per-share offer from the same group without a shareholdervote, saying Riv's entry into a lock-up agreement with asignificant holder of Riviera's stock violated a previousagreement.
Also this week, Riviera Holdings Corp. retained Wachovia Bank tomarket and syndicate up to $245 million of senior secured creditfacilities. The public casino operator says the facilities would becomprised of a new $20-million, five-year revolving credit facilityand a new $225-million, seven-year term loan facility.
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