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Vegas Casino Firm Acquired

April 07, 2006|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.

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