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MTR puts buy recommendation on Riviera 10% notes, Black Hawk 13% notes
New York, May 30 - Miller Tabak Roberts Securities LLC initiated coverage on Riviera Holdings Corp. with a buy recommendation on Riviera's 10% notes of August 2004 and Riviera Black Hawk's 13% notes of April 2005.
"In addition to the company's flagship casino benefiting from overall improving trends in the Las Vegas convention market and the expectation that its Black Hawk, Colorado casino will continue to post gains, we believe that Riviera may consider a recapitalization that will lower borrowing costs and support expansion plans in St. Louis and New Mexico," said David Schmookler, MTR's gaming industry analyst.
"Further, when comparing the otherwise modest yields currently available within the gaming sector in general, and considering the company's profile as a potential acquisition candidate, Riviera's notes are particularly attractive at current levels."
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