Exhibit 99.1
RIVIERA HOLDINGS CORPORATION
2901 Las Vegas Boulevard South
Las Vegas NV 89109
Investor Relations: (800) 362-1460
TRADED: AMEX - RIV
www.rivierahotel.com
FOR FURTHER INFORMATION
AT THE COMPANY INVESTOR RELATIONS
Mark Lefever, Treasurer and CFO Betsy Truax, Skorpus Consulting
(702) 794-9527 Voice (208) 241-3704 Voice
(702) 794-9442 Fax (208) 232-5317 Fax
Email: mlefever@theriviera.com Email: betsytruax_hartman@msn.com
FOR IMMEDIATE RELEASE
RIVIERA HOLDINGS ANNOUNCES END OF PROXY CONTEST
DISSIDENT GROUP WITHDRAWS SLATE
LAS VEGAS, NV (MAY 14, 2007) - Riviera Holdings Corporation (AMEX:RIV)
announced today that it has received a letter from the group led by Flag Luxury
Riv, LLC withdrawing its nomination of five candidates for election as
directors. The Company will proceed as planned with its annual meeting to
re-elect the five incumbent nominees scheduled for tomorrow, May 15, 2007.
William L. Westerman, Chairman and Chief Executive Officer of Riviera
said, "Riviera's Board of Directors is committed to maximizing value for
stockholders. We believe it is in the best interests of all stockholders that
the investor group has withdrawn its costly and disruptive proxy fight. The
Board is committed to working with its financial advisor, Jefferies and Company,
to evaluate all strategic alternatives, including a sale of the Company. "
The withdrawal letter stated, in part, that the dissident group was
withdrawing its nominees in light of the Board's previously announced decision
that it had initiated a process of considering strategic alternatives for the
Company.
The Company had previously announced last week the receipt of a $30 per
share cash offer to acquire the Company, though a merger, from a group led by
Ian Bruce Eichner.
ABOUT RIVIERA HOLDINGS:
Riviera Holdings Corporation owns and operates the Riviera Hotel and
Casino on the Las Vegas Strip and the Riviera Black Hawk Casino in Black Hawk,
Colorado. Riviera is traded on the American Stock Exchange under the symbol RIV.
For additional information, please visit the Company's website at
WWW.RIVIERAHOTEL.COM.
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