Riviera Loses Bid for New Mexico Racino

PRNewswire-FirstCall LAS VEGAS Nov. 19 :

Riviera Holdings Corporation announced today that it will write off its
$1.3 million investment in Riviera, Newton, Reston, LLC (“RNR”), which is
51 percent owned by Riviera`s wholly owned subsidiary, Riviera Gaming
Management New Mexico. RNR was one of four applicants who presented
projects to the New Mexico Racing Commission last week. Today, the
Commission announced that it had awarded the project for the racino in
Hobbs, New Mexico to another applicant. As a result, Riviera will take a
charge to earnings of approximately ($0.37) per share in the fourth
quarter ending December 31, 2003.
Safe Harbor Statement
The forward-looking statements included in this news release, which
reflect management`s best judgment based on factors currently known to it,
involve risks and uncertainties including expansion objectives and
timetables, hotel and casino market conditions, financing requirements,
regulatory approvals and other risks and uncertainties detailed from time
to time in the Company`s filings with the Securities and Exchange
Commission, including the Report on Form 10-K for December 31, 2002 and
Forms 10-Q and 8-K filed during 2003. Actual results may differ materially.

About Riviera Holdings
Riviera Holdings Corporation owns and operates the Riviera Hotel and
Casino on the Las Vegas Strip and the Riviera Black Hawk Casino in Black
Hawk, Colorado. Riviera is traded on the American Stock Exchange (“AMEX”)
under the symbol RIV. The Riviera continues its dialogue with AMEX
relating to the maintenance of its listing status.