History
Riviera opened its second casino, in Black Hawk, Colorado, in February 2000.
As of October, 2005 the company had $200 million in annual revenues and 1,600 employees.
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. In July 2010, Riviera filed for Chapter 11 bankruptcy protection, listing $275 million in debt. 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.
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.
Read more about this topic: Riviera Holdings
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