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Riviera Gets Another Buyout Offer

By Chuckmonster on Wednesday, 28th March 2007 6:04pm
  » filed under Las Vegas  comments: 0

   

Riv Acquisition Holdings, one time suitor for the legendary Riviera on the Las Vegas Strip has tendered another offer to purchase the 52 year old hotel and casino.

This is the second time Riv Acquisition Holdings has attempted to purchase the aging Riviera property, their last attempt in late 2006 was declined by shareholders. RAH, whose previous bid for the Riviera was $17 / share, has increased its offer to $27/share.

With the recent sale of the Sahara, confirmed negotiations of a New Frontier sale, and the sale of the Tropicana to Columbia-Sussex last year, most of the properties that have been considered "in play" have reached some kind of agreement to change hands.

We wonder if Pinnacle Entertainment, new owners of the Sands Atlantic City, may possibly jump into the Riviera fray and start a bidding war - they're hungry for a property in Las Vegas and the Riviera might one of the last chunks of real estate available on the Strip.



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