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December 1, 2009

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Stock buyback announced

Wednesday, Nov. 21, 2001 | 9:55 a.m.

Riviera Holdings Corp. of Las Vegas announced today it plans to buy back as much as $400,000 of its own stock, following a precipitous plunge in its share price following Sept. 11.

Riviera said it believes its stock is undervalued, given that the company had more than $12 per share in cash as of Sept. 30. By comparison, the stock closed Tuesday at $3.40.

At current trading levels, Riviera could repurchase nearly 118,000 shares of its stock. That's about 3.3 percent of the company's outstanding shares.

In the first four trading days following the Sept. 11 attacks, Riviera's stock plunged from $5.85 to $4 per share. It has not recovered from those levels, and reached a 52-week low of $3.15.

Riviera, owner of the Riviera hotel-casino on the Las Vegas Strip and the Riviera Black Hawk casino in Colorado, traded at $3.60 this morning, up 20 cents.

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