Riviera Casino Neighbor sold for 1.3 Billion
Larry’s Las Vegas has learned that the Riviera’s northern neighbor the iconic Stratosphere Casino has been sold to Goldman Sachs for 1.3 billion dollars. At 1,149 feet, the Stratosphere Tower is the tallest freestanding observation tower in the United States and the tallest building west of the Mississippi River.
From the observation decks, lounge, restaurant, meeting & banquet space and private dining rooms, guests enjoy panoramic views of the Las Vegas Strip and the surrounding valley.
Larry has learned that the deal includes the two Las Vegas “Charlie’s” Casinos and the Aquarius Casino Resort in the Colorado River resort town of Laughlin. Speculation is that the deal between Goldman Sachs’s, Whitehall Street Real Estate Funds and Billionaire Carl Ichan’s, American Real Estate Properties seems to have been reached last week. Real Estate Companies are reported to be eyeing the northern end of the Strip with accountants and attorneys working overtime. Gaining a foothold on Las Vegas’, albeit the hottest location of the Nation is viewed as a no-brainer for Investors all over the world. The Riviera Casino sits right in the middle of all this and is one of the last old school casinos sitting on prime land.
While management of the Riviera Casino argues for the Riviera Casino to hold out, rising prices are tempting stockholders to cash out one of the best investments made over the last 10 years.
April 23, 2004 Riviera Casino stock sold at $3.00 a share, It closed April 23, 2007 at $29.11.
Larry speculates that the sale of the Riviera Casino will come within the next few years and look for a sale price of between $50 and $60 a share,
What do you think?
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