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Riviera Sale Rumors Heating Up

By Chuckmonster on Monday, 27th March 2006 3:12pm
  » filed under Las Vegas  comments: 0


The Las Vegas Sun is reporting that the on again, off again sale talks are now back on again with Starwood Hotels. Read on for more:

Two weeks after cutting off talks, Riviera Holdings Corp. has resumed negotiations with an investment group eyeing a purchase of the aging Rivera casino-hotel on the Las Vegas Strip.

In a 8-K filed with the Securities and Exchange Commission on Wednesday, Riviera Holdings said it had renewed discussions with a group led by Starwood Hotels' Chairman Barry Sternlicht and Las Vegas real estate developer Brett Torino.

Las Vegas-based Riviera Holdings reported on March 8 that discussions with the group had broken down over disagreements on the acquisition price. Sternlicht's group already had spent $15 million to buy 1 million shares of the company, which also operates a casino in Black Hawk, Colo.

Wednesday's filing named a possible acquisition price of $17 a share.



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