Vegas Casino Firm Acquired
From Reuters
A group of private investors has agreed to buy hotel-casino operator Riviera Holdings Corp. for $211.5 million, with an eye on the company’s Las Vegas Strip property, the company said Thursday.
The investment group, Riv Acquisition Holdings Inc., will pay $17 a share. Shares of Las Vegas-based Riviera rose 80 cents Thursday to $18.94.
The group -- which includes Starwood Capital Group Chief Executive Barry Sternlicht and Las Vegas real estate developer Brett Torino -- said it would invest in the Riviera Hotel and Casino in Las Vegas to compete with other properties in the gambling center.
The group also will repay or assume about $215 million of Riviera’s debt.
