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Bon Voyage Riviera

By Chuckmonster on Tuesday, 17th January 2006 11:00am
  » filed under Las Vegas  comments: 0


From The LV Sun:
The murky future of the Riviera may be about to get clearer.

A group of experienced real estate developers has reached an agreement with the chief executive of the company that owns the Riviera to buy out his shares of stock in the casino's parent company -- a deal experts say will allow the group to eventually take over the company and redevelop the aging Las Vegas property.

Riviera Holdings Corp., which owns the Riviera on the Strip and the Riviera Black Hawk in Colorado, has been subject to numerous buyout offers and other redevelopment proposals over the years, none of which came to fruition.

The group purchasing Riviera shares includes Barry Sternlicht, the former chief executive of Starwood Hotels and Resorts Worldwide, Las Vegas real estate developer Brett Torino and Chicago real estate executive and casino investor Neil Bluhm. Torino and Bluhm declined to comment further on the agreement, and Sternlicht could not be reached for comment by press time.



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