Investors and Barry Sternlicht Buy a Portion of Riviera Resort
LAS VEGAS, NV, January 02, 2006. A group of investors, including former Starwood Hotels' chairman Barry Sternlicht and Las Vegas real estate developer Brett Torino, have agreed to buy a portion of Riviera Holdings Corp., the parent company of the 50-year-old Riviera Casino Resort.
In a filing Wednesday with the Securities and Exchange Commission, the investors said they had entered into an agreement Dec. 22 to purchase one million shares of Riviera common stock from company Chairman Bill Westerman and a Westerman family trust for $15 a share. The transaction is expected to close between Jan. 3 and Jan. 10.
The buyers agreed to make a second stock purchase of 650,000 shares, also at $15 a share, or $9.8 million, at a later date. According to the SEC filing, Westerman owns almost 2.1 million of Riviera's 12.4 million outstanding shares.
Three limited-liability companies would buy different percentages of Westerman's shares and the buyers would be allowed to place a representative from the group of investors on Riviera's board of directors.
In addition to the Las Vegas Strip hotel-casino, Riviera Holdings operates a casino in Black Hawk, CO. Once the second stock purchase is completed, the investor group stated that it plans to seek licensing approval by gaming authorities in Nevada and Colorado.
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