Riviera Holdings investor Desert Rock increases ownership to 12.94%

By Lisa Kerner

Charlotte, N.C., Feb. 23 - Riviera Holdings Corp. investor Desert Rock Enterprises LLC bought 506,869 shares of the company's stock on Feb. 12 for $3.15 each for a total of $1.6 million, according to a schedule 13D/A filed with the Securities and Exchange Commission.

Desert Rock also bought 1,000 Riviera shares on Dec. 19 for $4.00 each, or a total of $4,001.00, the filing said.

The investor bought 117,014 shares for $3.25 each for a total of $380,295.50 on Nov. 24, a prior SEC filing said.

As previously reported, Riviera signed separate definitive agreements with Desert Rock and Plainfield Special Situations Master Fund Ltd. enabling the shareholders to increase their holdings to up to 15% of the company's outstanding common stock.

Desert Rock beneficially owns 1,617,783 shares, or 12.94%, of Riviera.

Riviera owns and operates the Riviera Hotel and Casino on the Las Vegas Strip and the Riviera Black Hawk Casino in Black Hawk, Colo.

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