Share buyback announced

Monday, July 23, 2001 | 11:19 a.m.

Riviera Holdings Corp. of Las Vegas said it re-purchased about 6 percent of its outstanding stock.

The company acquired 233,000 shares of stock in three private transactions earlier this month, leaving 3.5 million shares outstanding. Riviera paid about $1.5 million for the shares, or an average of $6.29 per share. About 88,000 shares were allocated to the company's deferred compensation program, under which executives have deferred payment of bonuses in exchange for stock.

Riviera said the purchases came as the result of unsolicited offers by stockholders. The company said it doesn't plan to bid in the open market for its stock, but may respond to future unsolicited offers by shareholders.

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