Riviera Holdings

Last updated
Riviera Holdings Corporation
IndustryResorts
Founded1993
Defunct2011
Headquarters Winchester, Nevada

Riviera Holdings Corporation is a defunct casino operator that was based in Winchester, Nevada. It owned two casinos: the Riviera on the Las Vegas Strip, closed in 2015; and the Riviera Black Hawk in Black Hawk, Colorado, sold in 2011.

History

Riviera Holdings Corporation was formed in 1993, after the Riviera resort on the Las Vegas Strip emerged from Chapter 11 bankruptcy. [1] Riviera opened its second casino, in Black Hawk, Colorado, in February 2000. [2]

In June 2002, Riviera Holdings was chosen by officials in Jefferson County, Missouri, who wanted the company to construct and operate a casino approximately 60 miles south of St. Louis. In July 2002, Donald Trump purchased a 9.8-percent stake in Riviera Holdings for $2.2 million. Trump made the purchase for "investment purposes," and said that he had no plans to purchase or to operate the company's Riviera casino in Las Vegas. By that point, U.S. Trust Company of California had also purchased a 9.4-percent stake in the company. [3] By January 2003, Trump had purchased additional shares in the company, putting his ownership above 10 percent, which required him to apply for a Nevada gaming license. [4]

In March 2003, investor Fabrizio Boccardi had offered to purchase the company for $30 million, but was rejected. His purchase would have included the assumption of $216 million in debt. [5] In July 2003, shareholders voted to end the company's "poison pill", to attract potential partners. At that time, the company had plans for a casino in New Mexico. [6] [7]

After Trump gained a Nevada gaming license in February 2004, [8] [9] he subsequently sold his shares of the company on April 5, 2004. [10] [11] Company chairman Bill Westerman said that Trump purchased the shares solely to obtain a Nevada gaming license. [10]

As of October, 2005 the company had $200 million in annual revenues and 1,600 employees.[ citation needed ]

On April 6, 2006 Riviera Acquisition Holdings announced a $427 million buy out offer that has been accepted. The offer included cash and assumption of existing debt. But on August 29, shareholders rejected the offer, after an acquisition company affiliated with BT Holdings LLC of Boston, Massachusetts made an offer of $20 a share.

Facing losses from the recession, Riviera began defaulting on its debt in February 2009. [12] In July 2010, Riviera filed for Chapter 11 bankruptcy protection, listing $275 million in debt. [12] A reorganization plan led by Starwood Capital Group enabled the Riviera properties to remain open for business. Starwood emerged with a 75% stake in Riviera, with another 21% held by Derek Stevens, owner of the Golden Gate casino. [2]

In September 2011, Riviera agreed to sell its Black Hawk casino for $76 million to Monarch Casino & Resort, owner of the Atlantis Casino Resort in Reno. [2]

Related Research Articles

MGM Resorts International is an American global hospitality and entertainment company operating destination resorts in Las Vegas, Massachusetts, Detroit, Mississippi, Maryland, and New Jersey, including Bellagio, Mandalay Bay, MGM Grand, and Park MGM. In January 2019 the company took over Empire City Casino in Yonkers, New York, and also opened MGM National Harbor in Maryland and MGM Springfield in Massachusetts. The company has a majority interest in MGM China Holdings Limited, which owns the MGM Macau resort and casino, and is developing a gaming resort in Cotai. MGM Resorts owns 50 percent of CityCenter in Las Vegas, which features Aria Resort & Casino. It has a majority controlling interest in MGM Growth Properties, a real estate investment trust.

Mandalay Resort Group

Mandalay Resort Group was an American hotel and casino operator based in Paradise, Nevada. Its major properties included Mandalay Bay, Luxor, Excalibur and Circus Circus, as well as half of the Monte Carlo. In terms of market capitalization, it was one of the largest casino operators in the world. Its stock traded on the New York Stock Exchange with the ticker symbol "CIR" and "MBG".

Riviera (hotel and casino) Former casino hotel in Las Vegas, Nevada

Riviera was a hotel and casino on the Las Vegas Strip in Winchester, Nevada, which operated from April 1955 to May 2015. It was last owned by the Las Vegas Convention and Visitors Authority, which decided to demolish it to make way for the Las Vegas Global Business District.

Columbia Sussex is a privately owned hotel company based in Crestview Hills, Kentucky. The company, owned by the Yung family, owns and operates hotels in various parts of the United States. The current president and founder is William J. Yung III.

Pinnacle Entertainment

Pinnacle Entertainment, Inc. was an American gambling and hospitality company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio, and a horse track in Texas.

Bourbon Street Hotel and Casino

Bourbon Street Hotel and Casino was a small hotel and casino near the Las Vegas Strip in Paradise, Nevada. Opening in 1980 as the Shenandoah Hotel, the property was plagued with licensing and financial difficulties from the start. Ownership changed hands several times, with new proprietors often envisioning major renovations or redevelopment, but none of the plans came to fruition. Finally, in 2005, it was bought by Harrah's Entertainment, who closed and demolished it.

The Palazzo

The Palazzo is a luxury hotel and casino resort located on the Las Vegas Strip in Paradise, Nevada. It is the tallest completed building in Nevada. Designed by the Dallas-based HKS, Inc., the hotel offers luxury in an Italian Renaissance ambiance. The hotel and casino are part of a larger complex comprising the adjoining Venetian Resort and Casino and the Sands Convention Center, all of which are owned and operated by the Las Vegas Sands Corporation.

The Majestic Star Casino, LLC is a gaming holding company founded in Gary, Indiana by Don H. Barden and currently based in Las Vegas, Nevada.

Golden Entertainment is an American gaming company based in Enterprise, Nevada that operates casinos, taverns and slot routes. It was formed in 2015 by the merger of Golden Gaming and Lakes Entertainment. It is the largest tavern operator and largest slot route operator in Nevada. In October 2017, the company completed an $850 million acquisition of American Casino & Entertainment Properties. The company now has 10 casino resorts, nine in Southern Nevada and one in Maryland.

Terrible Herbst Gas station company in Nevada, United States

Terrible Herbst, or Terrible Herbst Oil Company, is an American privately held gas station company based in Paradise, Nevada, United States.

Caesars World was a hotel and casino operator. It began as Lum's Inc., owner of the Lum's chain of restaurants. It shifted into the gaming business with the purchase of Caesars Palace on the Las Vegas Strip in 1969, selling off the restaurants and changing its name. Caesars grew to eight casinos and resorts over the years, until going through a series of ownership changes beginning in 1995, and was ultimately absorbed by Park Place Entertainment in 1999.

Affinity Gaming Private casino operator

Affinity Gaming, formerly known as Herbst Gaming, is an American private casino operator based in Paradise, Nevada that operates five casinos in Nevada, two in Missouri, and one in Iowa.

Park Place Entertainment

Park Place Entertainment, later named Caesars Entertainment, Inc., was a casino company based in Paradise, Nevada. For a time it was the largest casino operator in the world. It was formed in 1998 as a corporate spin-off of the gaming division of Hilton Hotels, and renamed as Caesars Entertainment in 2003. The company was acquired in 2005 by Harrah's Entertainment, which later took on the Caesars Entertainment name.

Cannery Casino Resorts

Cannery Casino Resorts was a hotel and casino operator based in Spring Valley, Nevada. It was acquired by Boyd Gaming in 2016.

Starwood Capital Group

Starwood Capital Group is an investment firm headquartered in Miami Beach, Florida. It is managed by Barry Sternlicht. It was co-founded by Sternlicht and Robert Faith in 1991. In 1993, Faith left Starwood to found Greystar Real Estate Partners.

Fabrizio Boccardi

Fabrizio Boccardi is an Italian American entrepreneur and investor known for investments and ventures in hospitality, real estate, media, and technology. Boccardi created a fictional character "The Tyrant", a Las Vegas Casino owner, who has been the subject of two books and rumored deals for comics and movie franchises. Boccardi has attempted to buy control of a Las Vegas casino and has announced intentions to create a casino and gaming franchise based on the fictional character.

United Coin Machine Co. is an American slot route operator based in Paradise, Nevada. It operates slot machines in locations such as bars, convenience stores, and grocery stores. It is owned by Century Gaming, a Montana-based slot route operator. For many years, United Coin was the largest slot route operator in Nevada.

Jacobs Entertainment

Jacobs Entertainment, Inc. is a gaming, hospitality, and entertainment company based in Golden, Colorado.

Paragon Gaming is a gaming company based in Enterprise, Nevada that owns and manages casinos in the United States and formerly in Canada.

Ballys Corporation

Bally's Corporation is an American gaming company based in Lincoln, Rhode Island. It owns and operates twelve casino and racetrack properties in Colorado, Delaware, Louisiana, Mississippi, Missouri, New Jersey, and Rhode Island.

References

  1. ↑ "Casino exits Chap. 11". The Star-Ledger. Newark, NJ. AP. July 2, 1993. Retrieved 23 February 2017– via NewsBank.CS1 maint: discouraged parameter (link)
  2. 1 2 3 Sieroty, Chris (30 September 2011). "Riviera Holdings sells Colorado casino for $76 million". Las Vegas Review-Journal. Retrieved 7 October 2011.CS1 maint: discouraged parameter (link)
  3. ↑ Berns, Dave (11 July 2002). "Trump buys stake in Riviera". Las Vegas Review-Journal. Archived from the original on 24 April 2003.CS1 maint: discouraged parameter (link)
  4. ↑ Simpson, Jeff (30 January 2003). "Riviera stake makes Trump apply himself". Las Vegas Review-Journal. Archived from the original on 30 October 2004.CS1 maint: discouraged parameter (link)
  5. ↑ Benston, Liz (3 April 2003). "Riviera stock rises on buyout offer". Las Vegas Sun. Retrieved 23 February 2017.CS1 maint: discouraged parameter (link)
  6. ↑ Benston, Liz (23 July 2003). "Riviera drops poison pill". Las Vegas Sun. Retrieved 23 February 2017.CS1 maint: discouraged parameter (link)
  7. ↑ Simpson, Jeff (23 July 2003). "Net loss rises for Riviera's parent company". Las Vegas Review-Journal. Archived from the original on 29 October 2004.CS1 maint: discouraged parameter (link)
  8. ↑ Whaley, Sean (24 January 2004). "Trump wins support for license bid". Las Vegas Review-Journal. Archived from the original on 29 January 2005.CS1 maint: discouraged parameter (link)
  9. ↑ Whaley, Sean (20 February 2004). "Trump gets gaming license; now what?". Las Vegas Review-Journal. Archived from the original on 30 April 2004.CS1 maint: discouraged parameter (link)
  10. 1 2 Jones, Chris (10 June 2004). "Riviera execs believe that better times about to land". Las Vegas Review-Journal. Archived from the original on 6 November 2004.CS1 maint: discouraged parameter (link)
  11. ↑ "Donald Trump sells stake in Vegas company". Las Vegas Sun. 12 April 2004. Retrieved 23 February 2017.CS1 maint: discouraged parameter (link)
  12. 1 2 "Riviera Bankruptcy may put Starwood in control". The News-Times. 13 July 2010. Retrieved 7 October 2011.CS1 maint: discouraged parameter (link)
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.