Paying 11 percent interest on $215 million in debt has long kept the Riviera's parent company from ek ing out much profit, even after improving results in the casino. But the Riviera will come into more money (at least $7 million per year) after it refinances at a lower rate.

Investors may wonder why the company plans to reinvest money in an aging property that's probably going to be razed anyway. One result of that reinvestment is "Ice: Direct From Russia," a new production show featuring ice skaters performing acrobatic feats, replacing the Riviera's tired and long-running topless revue, "Splash!"

The reason is pretty simple, Chief Executive Bill Westerman says: Anyone who acquires the property will need to keep it up for the next four to five years until major developments around it are built. By then, he said, owners will have socked away cash to kick-start redevelopment when the neighborhood is teeming with wealthier visitors. In other words, the old dame has to keep up her looks until a suitor can consummate a marriage. And a purchase is looking more likely by the day: The same group of bidders is back with offers of $30 and $34 per share, topping previous offers of $17 to $27 per share.

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