Riviera Concludes Formal Process to Explore Strategic Alternatives

Riviera Holdings Corporation reported today its conclusion of the process announced on February 15, 2005 to explore strategic alternatives to maximize shareholder value. During the formal process, alternatives explored by Riviera included development of its Las Vegas property, refinancing, joint ventures, mergers, and realizing the value of Riviera's stock through other means.

William L. Westerman, Riviera's President and Chief Executive Officer, said, "Although this process has been concluded, Riviera will continue to consider strategic opportunities as they arise, and as the Board of Directors considers them to be in the best interests of Riviera and its shareholders."