Print
E-mail
Share
digg
Newsvine
Facebook
Stumble
Technorati
reddit
Fark
twitterStock 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.
archive
- Most Read
- Discussed
- Most E-mailed
- Pinnacle CEO resigns after meeting confrontation
- As earnings fall, Riviera unsure if bankruptcy can be avoided
- Trial set for parents of boy, 4, who died in hot vehicle
- Scientology foe’s arrest raises issue of rights
- Wynn Resorts to begin paying shareholder dividend
- Las Vegas home prices, sales rise in October
- Miguel Cotto camp says big cut in June fight an asset now
- NY-NY sues Calif. man alleging trademark infringement
- If you can rebuild the whole car, then why not allow an engine change?
- Cada cherishes moment as poker’s youngest champ
Blogs
High School Sports Scene
Prep Football: Week 12 Picks
The Kats Report
Of tanking, drugs and 'Slim': In 'Open,' Andre Agassi beats the odds
Robin Leach's Las Vegas Celebrity Watch
Who are the Final Four on Dancing With the Stars?
Politics: Ralston's Flash
Drugs bring Nevada governor, first lady back together (3 Comments)
Elsewhere
Macau's gambling industry faces nightmare of water rationing (3 Comments)
Top Chef: Las Vegas
Top Chef Odds Week 11: And then there were six
Politics: The Early Line
Rep. Berkley livens health care debate with story of her own (1 Comment)
Calendar »
- 11 Wed
- 12 Thu
- 13 Fri
- 14 Sat
- 15 Sun
-
Days of the New at Wasted Space
Wasted Space | 10 p.m. to 11:59 p.m.
-
DJ Boris at Godskitchen
Body English | 10:30 p.m. to 11:30 p.m.
-
Holding on to Sound at Beauty Bar
Beauty Bar | 10 p.m. to 11:59 p.m.
-
Rockabilly Wednesay at Revolution Lounge
Beatles Revolution Lounge | 10 p.m. to 11:59 p.m.
The Sun
Locally owned and independent for more than 50 years.
