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Donald Trump sells stake in Vegas company

Monday, April 12, 2004 | 10:54 a.m.

Donald Trump last week sold his 10 percent ownership stake in Las Vegas-based Riviera Holdings Corp., netting about $900,000 in profit on the $2.7 million he invested in the company's shares in 2002 and 2003.

Trump and Riviera executives were not immediately available for comment, but in documents he and his Trump Hotels and Casino Resorts Inc. submitted to the Securities and Exchange Commission, Trump and his company said they sold all of their 358,000 Riviera shares on April 5.

Trump said two years ago that he liked Riviera as an investment and also wanted to take advantage of the Riviera opportunity to obtain a Nevada gaming license.

Trump Hotels and Casino Resorts earlier this year received its Nevada gaming licenses by virtue of the greater-than 10 percent stake in Riviera.

Trump Hotels will keep its standing as a registered publicly traded company under the supervision of the Nevada Gaming Control Board, and Trump will remain licensed as one of the company's officers and directors, Control Board Chairman Dennis Neilander said Friday.

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