Sillerman Goes Vegas

The Riviera Hotel & Casino in Las Vegas may have a new owner in former SFX Entertainment chief Robert F.X. Sillerman.

Riviera Holdings Corp., which owns the hotel, received a $336.5 million buyout offer from a group of investors that includes Sillerman and Starwood Capitol Group founder Barry Sternlicht.

The investors offered $27 a share in cash March 26th, according to the Securities and Exchange Commission. CKX, Sillerman’s company that owns all things "American Idol" and Elvis, is not involved in the investment pitch. The investment group is led by Paul Kanavos and Sillerman, the managing members of New York-based Flag Luxury Properties LLC.

Las Vegas-based real estate developer Brett Torino is also part of the investment group.

The 26-acres the Riviera currently sits on is one of the few remaining properties along the Strip potentially available for redevelopment.