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Riviera Holdings retains Jefferies & Company

LAS VEGAS, Nevada -- (PRESS RELEASE) -- Riviera Holdings Corporation (Amex: RIV) today announced that it has retained Jefferies & Company, Inc. as its financial advisor to assist it in exploring a range of strategic and financial alternatives in order to enhance shareholder value. These alternatives include, but are not limited to, a sale of the entire Company.

"Our hiring of a financial advisor is a continuation of our efforts to thoroughly consider all opportunities to maximize shareholder value," said William L. Westerman, Chairman, President and chief Executive Officer. "We understand that our prime location on the Las Vegas Strip has enormous market value, as well as having appreciated significantly. We are committed to working with Jefferies to maximize this value, as well as that of our other assets, for our shareholders."

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