Riviera Holdings
Riviera Holdings Corporation was a defunct United States casino operator that owned the Riviera resort on the Las Vegas Strip and a casino in Black Hawk, Colorado.
Last updated August 31, 2026
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Overview
Riviera Holdings Corporation was a Nevada-based casino operator associated primarily with the Riviera resort on the Las Vegas Strip. The company was formed in 1993 after the Las Vegas Riviera emerged from Chapter 11 bankruptcy protection, creating a corporate structure around the resort and its gaming, hotel, entertainment, and hospitality operations. Its principal business was operating casino resorts rather than selling a consumer product under a broad international brand. The company expanded beyond Nevada when it opened a second casino in Black Hawk, Colorado, in February 2000. Riviera Holdings also explored additional development opportunities, including a proposed casino in Missouri and plans connected with New Mexico, although those initiatives did not become equivalent operating properties in the company's portfolio. In 2002, officials in Jefferson County, Missouri, selected the company to construct and operate a proposed casino roughly 60 miles south of St. Louis. Riviera Holdings attracted attention from outside investors during the early 2000s. Donald Trump acquired an initial 9.8 percent stake in July 2002 and later increased his holding above 10 percent, which triggered a requirement to seek a Nevada gaming license. He obtained the license in February 2004 and sold his shares on April 5, 2004. Company chairman Bill Westerman said that Trump had bought the shares primarily to obtain a Nevada gaming license rather than to pursue control of Riviera or operate its Las Vegas casino. U.S. Trust Company of California also acquired a significant stake during this period. The company faced continuing strategic and financial pressure. A proposed purchase by investor Fabrizio Boccardi was rejected in 2003, while shareholders later removed the company's poison pill as Riviera sought potential partners. In 2006, shareholders rejected a $427 million buyout proposal after a competing offer associated with BT Holdings LLC offered $20 per share. The recession then weakened the company's results, and Riviera began defaulting on debt in February 2009. Riviera Holdings filed for Chapter 11 bankruptcy protection in July 2010, reporting approximately $275 million in debt. A reorganization supported by Starwood Capital Group allowed the properties to continue operating, with Starwood emerging with a 75 percent stake and Derek Stevens holding a further 21 percent. Riviera Holdings subsequently sold its Black Hawk casino to Monarch Casino & Resort for $76 million in September 2011. The Riviera Las Vegas remained the company's defining property until the resort closed in 2015. Riviera Holdings is now defunct, and the available reference material does not identify a continuing corporate operation under the name.
History
Riviera Holdings Corporation was created in 1993 after the Riviera resort in Las Vegas completed a Chapter 11 bankruptcy process. Its corporate identity was therefore closely tied to the revival and continued operation of the Riviera hotel-casino on the Las Vegas Strip. The company operated in the casino-resort sector, combining gaming with lodging, entertainment, and related hospitality services. Its first significant expansion came in February 2000, when Riviera opened a second casino in Black Hawk, Colorado. The company also pursued possible development opportunities outside its existing properties. In 2002, Jefferson County, Missouri, selected Riviera to construct and operate a proposed casino approximately 60 miles south of St. Louis. Riviera had additional plans involving a New Mexico casino, but the available reference does not indicate that either development became a lasting operating property. Riviera became the subject of investor activity in the early 2000s. Donald Trump acquired 9.8 percent of the company in July 2002 for $2.2 million and later crossed the 10 percent ownership threshold. That increase required him to apply for a Nevada gaming license. Trump received the license in February 2004 and sold his Riviera shares on April 5 of that year. Chairman Bill Westerman stated that the investment had been made to obtain the license rather than to acquire or operate the Las Vegas casino. U.S. Trust Company of California also held a substantial stake during this period. In March 2003, investor Fabrizio Boccardi offered to purchase Riviera Holdings for $30 million while assuming approximately $216 million in debt; the company rejected the proposal. Later that year, shareholders voted to eliminate a poison-pill defense, a step intended to make potential partnerships or transactions easier. A $427 million acquisition proposal announced in April 2006 was ultimately rejected by shareholders in August after a competing offer connected with BT Holdings LLC proposed $20 per share. The recession put significant pressure on Riviera's finances. The company began defaulting on debt in February 2009 and filed for Chapter 11 bankruptcy protection in July 2010 with approximately $275 million in debt. A reorganization led by Starwood Capital Group kept the properties operating. Starwood emerged with a 75 percent stake, while Derek Stevens held another 21 percent. Riviera Holdings reduced its portfolio by agreeing in September 2011 to sell the Black Hawk casino to Monarch Casino & Resort for $76 million. The Las Vegas Riviera continued operating until it closed in 2015. With the closure of its principal property and no documented continuing corporate activity in the supplied reference, Riviera Holdings is classified as defunct.
- 2015
Las Vegas Riviera closes
[1]The Riviera resort on the Las Vegas Strip closes.
- 2011
Black Hawk property divestiture
[1]Riviera agrees to sell its Colorado casino to Monarch Casino & Resort.
- 2010
Chapter 11 reorganization
[1]The company files for bankruptcy protection and adopts a Starwood-backed restructuring plan.
- 2004
Trump exits the investment
[1]Donald Trump sells his Riviera Holdings shares after obtaining a Nevada gaming license.
- 2002
Missouri casino selection
[1]Jefferson County officials select Riviera to develop and operate a proposed casino south of St. Louis.
- 2000
Black Hawk expansion
[1]Riviera opens its second casino in Black Hawk, Colorado, in February.
- 1993
Riviera Holdings Corporation is formed
[1]The company is formed after the Riviera resort in Las Vegas emerges from Chapter 11 bankruptcy.
Products and positioning
A regional casino-resort operator centered on the Riviera Las Vegas property, with an additional gaming and hospitality venue in Colorado.
Casino resort
Riviera Las Vegas
The Las Vegas Strip hotel and casino was Riviera Holdings' principal property and the source of the company's corporate identity. It combined casino gaming with accommodation, entertainment, and resort hospitality. The property remained the central asset through the company's financial restructuring and continued operating until its closure in 2015.
Casino · 2000
Riviera Black Hawk
Opened in February 2000, the Black Hawk property was Riviera Holdings' second casino and its main expansion beyond Nevada. It operated in Colorado until Riviera agreed to sell it to Monarch Casino & Resort in 2011 for $76 million.
Brand decisions
2011
Black Hawk casino is soldM&ABackground
Following its financial restructuring, Riviera Holdings reduced its property portfolio.
Action taken
The company agreed to sell Riviera Black Hawk to Monarch Casino & Resort.
Aftermath
Monarch acquired the Colorado casino, while Riviera retained its Las Vegas property until its 2015 closure.
Sale price. $76 million (September 2011)
2010
Chapter 11 reorganization is pursuedStrategyBackground
Riviera Holdings had experienced recession-related losses and began defaulting on debt in 2009. It filed for Chapter 11 protection with approximately $275 million in debt.
Action taken
The company adopted a reorganization plan led by Starwood Capital Group, allowing its properties to continue operating.
Aftermath
Starwood emerged with a 75 percent stake and Derek Stevens with a 21 percent stake.
Reported debt at Chapter 11 filing. $275 million (July 2010)
2003
Poison-pill defense is removedStrategyBackground
Riviera Holdings faced potential acquisition interest and had received an offer from Fabrizio Boccardi earlier in the year.
Action taken
Shareholders voted to end the company's poison-pill provision, making it easier to attract potential partners or buyers.
Aftermath
The company remained independent at that point, although later acquisition proposals were considered and rejected.
Sources1 sources
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