Document:

EXECUTION COPY

         SECOND WAIVER AND CONSENT, dated as of May 15, 2007 (this "WAIVER"), to
the Credit Agreement, dated as of December 29, 2005 (as amended to the date
hereof, the "CREDIT AGREEMENT"), among DLI Holding II Corp., DEL Laboratories,
Inc., the Lenders party thereto, J.P. Morgan Securities Inc. and JPMorgan Chase
Bank, N.A., as Administrative Agent.

         The parties hereto hereby agree as follows:

         1. DEFINED TERMS. Unless otherwise defined herein, capitalized terms
which are defined in the Credit Agreement are used herein as therein defined.

         2. WAIVER AND CONSENT. (a) Subject to and in reliance on the
representation and warranty set forth in paragraph 2(b) below, the Lenders
hereby waive any Default or Event of Default under any of the provisions of the
Credit Agreement or any provision of any other Loan Document, except under
Section 8(b) of the Credit Agreement in respect only of any statement in any
Borrowing Base Certificate, in each case arising prior to the date of this
Waiver and consisting of, resulting from or relating in any respect to (i) the
re-audit, revision or restatement of any financial statement delivered prior to
the date of this Waiver by the Borrower or any of its Subsidiaries (including,
without limitation, any misstatement therein or in any certificate,
representation or warranty relating thereto and any error, defect or deficiency
in accounting procedures, maintenance of books of records and accounts or the
application of accounting principles reflected thereby or relating thereto),
(ii) any default under either Indenture in respect of any financial report,
information, management discussion and analysis, report, certificate, statement,
notice or other document filed, provided or delivered prior to the date of this
Waiver or required to be filed, provided or delivered prior to the date of this
Waiver thereunder, but (in each case) only if and for as long as such default
does not constitute an "Event of Default" as defined in such Indenture, (iii)
any request for or extension of credit under the Credit Agreement during the
pendency of any such Default or Event of Default, (iv) any failure to comply
with any obligation that became required to be performed or observed under any
of such provisions by reason of the occurrence of any such Default or Event of
Default or (v) any misstatement as to the absence of any such Default or Event
of Default.

         (b) The Borrower hereby represents and warrants that, after giving
effect to all re-audits, revisions and restatements that are the subject of the
waiver set forth in paragraph 2(a)(i) above, no Event of Default exists on the
date of this Waiver under Section 8(b) of the Credit Agreement in respect of any
statement in any Borrowing Base Certificate.

         (c) The Lenders hereby agree that, notwithstanding the provisions of
Sections 6.1(b) and 6.2(b) of the Credit Agreement, the unaudited financial
statements required to be delivered under Section 6.1(b) for the Borrower's
quarterly period ended March 31, 2007 and the documents required by Section
6.2(b) to be delivered concurrently therewith need not be delivered prior to
June 15, 2007.

         3. EFFECTIVENESS. This Waiver shall become effective as of the date
hereof once the Administrative Agent has received this Waiver, executed and
delivered by the Administrative Agent, the Loan Parties and the Required
Lenders.

<PAGE>

         4. REPRESENTATIONS AND WARRANTIES. Each of the Loan Parties hereby
represents and warrants that, after giving effect to the provisions of this
Waiver, (a) each of the representations and warranties made by any Loan Party in
or pursuant to the Loan Documents are true and correct in all material respects
on and as of the date hereof as if made on and as of such date, except to the
extent that such representations and warranties refer to an earlier date, in
which case they were true and correct in all material respects as of such
earlier date, and (b) no Default or Event of Default has occurred and is
continuing.

         5. CONTINUING EFFECT OF THE CREDIT AGREEMENT. This Waiver is limited
solely to the matters set forth herein and shall not constitute an amendment or
waiver of any other provision of the Credit Agreement not expressly referred to
herein or be construed as a waiver or consent to any further or future action on
the part of any Loan Party that would require the consent of the Lenders or the
Administrative Agent. Except as expressly waived hereby, the provisions of the
Credit Agreement are and shall remain in full force and effect. This Waiver is a
Loan Document.

         6. MISCELLANEOUS PROVISIONS. The provisions of Sections 10.3 through
10.5, Sections 10.8 through 10.13 and Section 10.16 shall apply with like effect
as to this Waiver.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Waiver to be
duly executed and delivered by their proper and duly authorized officers as of
the day and year first above written.

                             DLI HOLDING II CORP.

                             By:
                                  Name:
                                  Title:

                             DEL LABORATORIES, INC.,

                             By:
                                  Name:
                                  Title:

                             DEL PHARMACEUTICALS, INC.

                             By:
                                  Name:
                                  Title:

                             DEL PROFESSIONAL PRODUCTS, INC.

                             By:
                                  Name:
                                  Title:

                             565 BROAD HOLLOW REALTY CORP.

                             By:
                                  Name:
                                  Title:

                             JPMORGAN CHASE BANK, N.A.,
                             as Administrative Agent and as a Lender

                             By:
                                  Name:
                                  Title:

                             -------------------------------------------
                             WACHOVIA BANK, NATIONAL ASSOCIATION

                             By:
                                  Name:
                                  Title:EXHIBIT 10.23

                          RIV ACQUISITION HOLDINGS INC.
                      3753 Howard Hughes Parkway, Suite 101
                             Las Vegas, Nevada 89109

                                  May 16, 2007

Board of Directors
Riviera Holdings Corporation
2901 Las Vegas Boulevard South
Las Vegas, Nevada 89109
Attention:  William Westerman

Dear Members of the Board:

We are pleased to advise you that the private investment group that owns Riv
Acquisition Holdings Inc. proposes to acquire all of the issued and outstanding
stock of Riviera Holdings Corporation at a price of $34.00 per share in cash. We
are prepared to immediately enter into a merger agreement with Riviera on
substantially the same terms as the April 5, 2006 merger agreement between our
acquisition vehicles and Riviera. We remain willing to discuss any concerns you
may have with any of the terms or conditions contained in that agreement. We are
also prepared to provide to the Board assurances for the necessary debt
financing to complete the proposed transaction. Our investment group remains
committed to providing all necessary equity financing.

We are also prepared to include in the merger agreement a "go-shop" provision
pursuant to which Riviera could solicit and engage in discussions and
negotiations with respect to competing proposals for a 15 day period. If Riviera
were to terminate the merger agreement because it received a superior offer
during the "go-shop" period, we would not be entitled to any additional break-up
fee but would only be entitled to reimbursement for our expenses in connection
with this proposal, up to a reasonable limit.

Our proposal represents a $4.00 premium to the $30 per share expression of
interest announced on May 11, 2007. Accordingly, our investment group believes
that our proposal is in the best interest of Riviera's stockholders, and we hope
that the Board will see fit to accept it.

Our investment group is led by Paul C. Kanavos and Robert Sillerman, the
managing members of New York-based Flag Luxury Properties, LLC, 30-year Las
Vegas-based real estate developer Brett Torino and Barry Sternlicht, Chairman
and CEO of Starwood Capital Group.

We will require Riviera's cooperation in order to update our due diligence
review of the company, which we last conducted in connection with the April 5,
2006 merger agreement, but we believe such review can be completed
expeditiously.

The conditions to closing the proposed transaction would be substantially the
same as were contained in the April 5, 2006 merger agreement. We will not
require a financing condition and the only significant third-party condition is
the obtaining of all necessary approvals from the gaming authorities in Nevada
and Colorado. In order to ensure rapid completion of the merger, we are
currently examining structuring alternatives that might minimize the need for
gaming approval prior to closing. The principals of our investment group have
already filed gaming license applications in both Nevada and Colorado, with the
exception of Robert Sillerman, who will be filing the same shortly. The
conditions to closing will not restrict Riviera's ability to refinance its
outstanding secured notes, provided that the refinancing is made on market terms
and without prepayment penalty, defeasance or premium, nor do we otherwise
intend to restrict Riviera's ability to conduct its business in the ordinary
course while the merger is pending. Our investment group intends to repay all of
Riviera's outstanding indebtedness upon completion of the merger. We are also
prepared to honor the salary continuation packages currently in place that have
been negotiated with management as well as the change-of-control provisions in
all currently outstanding stock option awards.

We expect the Board to allow our group to participate in the auction process on
an equal footing with other bidders and no longer raise technical objections to
our proposal as it has in the past.

Our investment group believes that time is of the essence and requests that a
meeting or a conference call be scheduled as soon as possible with
representatives of the Board in order to discuss our proposal and set a
timetable for swift execution of a merger agreement. Please respond to us by
5:00 p.m. PST on Thursday, May 17, 2007. If we do not receive a response by such
time, we will have to assume that the Board does not wish to discuss our
proposal any further.

Our financial advisor, Bear Stearns & Co., and our legal advisor, Cadwalader,
Wickersham & Taft LLP, are available to discuss any aspect of the proposed
transaction with your advisors.

We look forward to working together with the Board to arrive at a transaction
that will substantially benefit Riviera and its stockholders.

Very truly yours,

Paul C. Kanavos

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