Monarch Casino's parking garage in Black Hawk imploded
Subject riviera casino black hawk co the terms of the Agreement and satisfaction of various closing conditions, including the receipt of regulatory approvals, the transaction is expected to close before the end of the second quarter of 2012.
Riviera Black Hawk, which opened in 2000, is located in Black Hawk, Colorado, approximately 40 miles west of Denver.
The property is the first riviera casino black hawk co encountered by visitors arriving from Denver on Highway 119 and features approximately 750 slot machines, 8 table games, a 250 seat buffet-style restaurant and a parking structure with approximately 500 spaces.
Monarch expects the acquisition, when consummated, will be accretive to earnings, net of transaction costs.
We look forward to welcoming the Riviera Black Hawk team of approximately 250 employees to the Monarch family.
Divesting the Black Hawk property allows us to focus on turning around the historic Riviera Las Vegas," said Andy Choy, Chief Executive Officer of Riviera Holdings Corporation.
Wells Fargo Bank will lead the syndication process of the new revolving credit facility.
Houlihan Lokey acted as exclusive financial advisor to Riviera.
EBITDA should not be construed as an alternative to operating income as determined in accordance with generally accepted accounting principles as an indicator of the operating performance, as an alternative to cash flows from operating activities as determined in accordance with generally accepted accounting principles or as a measure of liquidity.
This item enables comparison of financial performance with that of other companies that report EBITDA, although some companies do not calculate this measure in the same manner and therefore, the measure as presented may not be comparable to similarly titled measures presented by other companies.
Monarch through its subsidiary, Golden Road Motor Inn, Inc.
The casino features approximately 1,450 slot and video poker machines; approximately 38 table games, riviera casino black hawk co blackjack, craps, roulette, and others; a race and sports book; a 24-hour live read article lounge and a poker room.
Monarch and its predecessors have operated a facility on the Atlantis site since 1972.
The Riviera Casino features approximately 100,000 square feet of casino space; 2,075 guest rooms; four bars; five restaurants; three snack bars; a 200 seat food court; five showrooms capable of accommodating over 2,300 guests; and over 150,000 square feet of convention, meeting and banquet space which can be configured for multiple meetings of small groups or large gatherings and exhibitions of up to 5,000 people.
The casino features over 950 slot machines, 48 live gaming tables, 6 poker tables and the only bingo room on the Las Vegas Strip.
Actual results and future events and conditions may differ materially from those described in any forward-looking statements.
Additional information concerning potential factors that could affect Monarch or Riviera is included in the respective Securities and Exchange Commission filings, which are available on the respective company's website at www.
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