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The Newsroom - 2004 |
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Another buyer emerges to make offer for Riviera Holdings
August
21, 2004 - Yet another buyer is taking a swing at buying
Riviera Holdings Corp., a Securities and Exchange Commission
filing said Friday.
Riviera Holding shareholder D.E. Shaw Laminar Portfolios, part
of the New York-based D.E. Shaw Group, suggested it is
interested in buying all of the outstanding stock in Riviera
Holdings for $12 a share, just less than the company's closing
price Friday.
Riviera Holdings owns and operates the Riviera in Las Vegas
and the Riviera Casino in Black Hawk, Colo.
D.E. Shaw Group is a New York-based investment and
technology-development firm with about $8 billion in total
capital.
Last year, Donald Trump upped his ante in the Riviera to 10
percent, or $1.7 million. But the New York developer later
said his interest was only in getting a Nevada state gaming
license, and he has since sold his interest.
Also, Las Vegas investor Fabrizio Boccardi last year launched
an unsolicited bid to buy Riviera Holdings, but nothing ever
came of the proposed deal.
The new filing said that Laminar had also been involved in
takeover discussions with Boccardi, but terminated the
discussions in May. Boccardi could not be reached for comment
Friday.
Laminar owns 9.7 percent of the shares and seeks the purchase
on a "friendly basis," the new SEC filings said.
University of Nevada, Las Vegas professor and casino industry
expert Bill Thompson said it would be a good deal for the
property and the destination, as long as the company has deep
pockets.
"(The Riviera) could be teetering and it's best for Las Vegas
to have someone owning it who can polish it up and concentrate
on the overflow from the big Strip resorts," he said.
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Brian Gordon, spokesman Applied Analysis, a Las
Vegas-based financial consulting firm, said the location on
the Strip's east side just north of Wynn Las Vegas, which is
set to open in April, is a strategic one in an area prime for
redevelopment.
"The interest further demonstrates how hot the Las Vegas
market is and the (national) interest in getting into real
estate on the Strip," he said.
Any purchase of Riviera Holdings would be subject to the
approval of regulatory agencies and the company's board. The
company said in the filing that Laminar gives no assurance of
a purchase.
Laminar is the second-biggest shareholder behind Chief
Executive William Westerman, who owns almost 18 percent of the
company, according to Bloomberg data.
Riviera Holdings President Bob Vannucci was in Black Hawk for
a regularly scheduled board of directors meeting and could not
be reached for comment. Laminar executives did not return
phone calls.
Riviera Holdings closed Friday at $12.10, up 20 cents a share
or 1.68 percent, on 18,000 shares, triple normal trading
volume. Riviera stock is up 120 percent from its closing price
of $5.51 a year ago.
Article ©: R. Smith, Gaming Wire |
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