DO YOU WANT TO VISIT THE PALMS CASINO?-NORTH
The Rumor Mill in Las Vegas has always been a form of media, rivaling some of the best news reporters in the country. The genesis of rumors of high profile people in compromising positions has kept Valet, Maids, Waitresses and the like in extra income for decades. One rumor that seems to surface periodically is the impending sale and /or implosion of the Riviera Casino on the north end of the strip.
The Riviera, when it opened over fifty years ago this April was Las Vegas’s first high rise casino. Headlining the Riviera’s showroom were America’s Top Entertainers such as Elvis, Sinatra, Liberace etc. In fact, Sammy Davis’s Walk of Fame ceremony was recently held there. Numerous movies and television shows have been filmed at the Riviera Casino, most notably Robert DeNiro and Sharon Stone in “Casino”, with another Blockbuster film just wrapping up
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Amazingly the Riviera brand is holding it’s own admirably as an authentic old style casino while other’s are literally being imploded all around them to make room for the new era of opulent impersonal Gaming Malls. With it’s vast prime location and strong brand name, Larry has learned that many people are chomping at the bit to acquire the Riviera at a great price. Most think it would be a literal gold mine just for the land itself.
Apparently one group who feels this way has been rumored to be the Maloof brothers, the owners of the swank and celebrity filled Palms Hotel just west of the south end of the Strip and the National Basket Association’s Sacramento Kings. While Larry can not confirm any negotiations have been initiated or even contemplated the rumors still swirl. I can just see it now Playboy Bunnies in place of Female Impersonators in “La Cage”. While this is the 83rd rumor of the sale of the Riviera, (by this reporters unofficial count), Larryslasvegas.com senses that this too will pass.
William L. Westerman, Chairman of the Board of Riviera Holdings Corporation, in a statement to stockholders and employees stated “We want to assure all Riviera stockholders that your Board of Directors takes its fiduciary duties very seriously. Many of the older, competing gaming properties on the Las Vegas Strip are now gone. We see the major transformation occurring on the Strip just outside our doors, and we understand that, in all likelihood, Riviera at some point will not be impervious to this transformation. If and when the time comes for us to support an acquisition proposal, you can be sure that such a proposal will not be the result of an unfair bargaining position that we gave one particular bidder over other credible bidders.”
Riviera’s Stock was trading around $5 in 2004 it closed Thursday,5/10/07 at $31.85
What do you think? RIVIERA PALMS?
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