Trump’s Riviera investment advances

Wednesday, Feb. 4, 2004 | 11:01 a.m.

CARSON CITY -- Real estate mogul Donald Trump gained preliminary state approval today to buy 10 percent of the Riviera hotel-casino on the Las Vegas Strip and he is eying other investments in Nevada.

Trump told the state Gaming Control Board he was "looking at different (gaming) properties" in Las Vegas and one in another portion of the state. He said he is also examining real estate development ventures.

The Riviera is Trump's entry into Nevada gaming. Under the previously reported deal, Trump would give an option to two of his companies to buy the 10 percent from him. He was accompanied to the meeting by eight of his top executives and was represented by Paul Bible, a Reno attorney who is former chairman of the state Gaming Commission.

He said one reason for seeking the 10 percent in the Riviera is to open the door to other investments. In the past, he said, he had considered deals for other Nevada casinos but the delay in licensing of one year or more resulted in the deals not being completed.

He said, "I have been thinking long and hard about coming to Las Vegas."

He said the Riviera is "improving and getting better. I think this will be a strong company in the years to come."

Trump was questioned by board member Scott Scherer about "the significant volume" of violations in Atlantic City for minors being caught on the floor of his casinos there. He replied his administration has strengthened security.