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Riviera Ends Formal Review of Company Sale

LAS VEGAS-Its financial advisor for the process, Jefferies & Co., contacted 35 potential buyers over the past several months.

By Brian K. Miller | Updated on March 12, 2008

LAS VEGAS-Riviera Holdings said this week it has terminated its formal strategic review process regarding a possible sale of the company. The publicly held owner of the Riviera Hotel & Casino on the Las Vegas Strip said its financial advisor for the process, Jefferies & Co., contacted 35 potential buyers over the past several months.

In making the decision, the company says it took into account “the uncertainty that would be faced by any potential buyer in attempting to complete a potential transaction, the deterioration in the credit markets; the potential costs of terminating the company’s swap agreement due to the unpredictable drop in interest rates; the ability to obtain shareholder and regulatory approval of a transaction; the possibility of increased competition from slot machines at Colorado racetracks; and, the impact of weak economic conditions on the company’s business.”

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