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Ladies and Gentlemen, Meet the New Owners of The Riviera

By Chuckmonster on Friday, 1st April 2005 3:19am
  » filed under Las Vegas  comments: 0

   

April 1, 2005 - Less than two months after an 'out of left field deal' to sell their stake in the legendary Golden Nugget to Landry's Restaurants, Poster Financial Group (Tim Breitling and Tom Poster) have settled on terms to purchase the 50 year old Riviera Hotel and Casino from Riviera Holdings Corporation for an undisclosed sum, rumored to be in the neighborhood of $420 Million Dollars. The sale of the Riviera has long been discussed in gaming analyst circles, and this outright cash and stock offering from Poster Financial looks like a win-win on both sides. Riviera Holdings Corp (RIV) rids itself of an aging property whose square foot real estate value is 90% of its portfolio, with the Poster Group, the Riviera gets a much needed injection of Vegas-cool, and youthful dot com bubble energy. This transaction is subject to SEC approval.



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