Document:

EXHIBIT 10.8

FOR IMMEDIATE RELEASE

            FLAG, RIVACQ AND HIGH DESERT TO ACQUIRE ADDITIONAL SHARES
                 OF RIVIERA HOLDINGS CORPORATION FROM WESTERMAN

      NEW YORK, NY - August 2, 2006 - Flag Luxury Riv, LLC, Rivacq LLC and High
Desert Gaming LLC (the "Buyers") have given notice of their election to purchase
the remaining shares of common stock of Riviera Holdings Corporation from
William L. Westerman, Riviera's Chief Executive Officer, for a price of $15.00
per share (excluding shares held by Riviera's Employee Stock Ownership Plan on
Mr. Westerman's behalf and shares recently distributed to him thereunder).

      In December 2005, Mr. Westerman agreed to sell 650,000 shares of Riviera
to the Buyers and to grant the Buyers an option to purchase 441,471 additional
shares held by Mr. Westerman, subject to certain conditions, including the
issuance of such approvals or other assurances as the Buyers deemed necessary or
desirable from the Nevada and Colorado gaming authorities. In May 2006, the
Buyers submitted a formal application to hold a gaming license in the State of
Nevada. On July 31, 2006, the Nevada State Gaming Control Board advised the
Buyers' counsel that the Buyers' acquisition of Mr. Westerman's shares would not
constitute a change of control requiring prior approval from the Nevada State
Gaming Control Board. Accordingly, on August 1, 2006, the Buyers gave notice to
Mr. Westerman that they were exercising their option and that the closing of the
acquisition of Mr. Westerman's shares would be held on August 4, 2006.

      On April 5, 2006, the Buyers, through an affiliate, entered into a merger
agreement with Riviera providing for the acquisition of Riviera by the Buyers at
a price of $17.00 per share. The Buyers' principal stockholders include Paul C.
Kanavos, Barry Sternlicht, Neil Bluhm and Brett Torino - leaders of the
corporate and real estate world, all of whom have been successful builders,
owners, and operators of businesses around the globe. The Buyers do not seek
short term trading profits. Rather, the Buyers intend to be long term owners of
the history and great legacy of Riviera. The acquisition of Mr. Westerman's
remaining shares further demonstrates the Buyers' commitment to acquire Riviera.

      Certain short-term oriented shareholders of Riviera have questioned the
$17.00 price offered by the Buyers to acquire Riviera. The Buyers have not
increased their offer price based on their belief that $17.00 per share is a
full and fair price, given both land values in the Las Vegas market and the
operating challenges currently facing the Company.

      Following the purchase of Mr. Westerman's shares, the Buyers and their
affiliates will own approximately 18.3% of the outstanding shares of Riviera.
This significant stake in the Company will enable the Buyers to influence the
future direction of Riviera regardless of the outcome of the upcoming
shareholder vote.EXHIBIT 10.9

               SECOND AMENDED AND RESTATED JOINT FILING AGREEMENT
                          PURSUANT TO RULE 13d-1(k)(1)

This Second Amended and Restated Agreement is made pursuant to Rule 13d-1(k)(1)
under the Securities Exchange Act of 1934, as amended (the "Act") by and among
the parties listed below, each referred to herein as a "Joint Filer." The Joint
Filers agree that a statement of beneficial ownership as required by Section
13(d) of the Act and the Rules thereunder may be filed on each of their behalf
on Schedule 13D or Schedule 13G, as appropriate, and that said joint filing may
thereafter be amended by further joint filings. The Joint Filers state that they
each satisfy the requirements for making a joint filing under Rule 13d-1.

Dated: August 2, 2006

                     [remainder of page intentionally blank]

<PAGE>

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written.

                                    Flag Luxury Riv, LLC

                                    By:     /s/ Paul Kanavos
                                          ----------------------------------
                                    Name: Paul Kanavos
                                    Title: President

                                    Flag Luxury Properties, LLC

                                    By:     /s/ Paul Kanavos
                                          ----------------------------------
                                    Name: Paul Kanavos
                                    Title: President

                                    MJX Flag Associates, LLC

                                    By:     /s/ Robert Sillerman
                                          ----------------------------------
                                    Name: Robert Sillerman
                                    Title: Member

                                    Flag Leisure Group, LLC

                                    By:    /s/ Paul Kanavos
                                          ----------------------------------
                                    Name: Paul Kanavos
                                    Title: President

                                    Sillerman Real Estate Ventures, LLC

                                    By:    /s/ Robert Sillerman
                                          ----------------------------------
                                    Name: Robert Sillerman
                                    Title: Member

                                    LMN 134 Family Company LLC

                                    By:    /s/ Robert Sillerman
                                          ----------------------------------
                                    Name: Robert Sillerman
                                    Title: Member

<PAGE>

                                    Robert Sillerman

                                     /s/ Robert Sillerman
                                    -----------------------------------

                                    Paul Kanavos

                                     /s/ Paul Kanavos
                                    -----------------------------------

                                    RH1, LLC

                                    By: ONIROT Living Trust dated 06/20/2000
                                        ------------------------------------
                                       Its sole member

                                       By:  /s/ Brett Torino
                                          ------------------------
                                       Name:  Brett Torino
                                       Title: Trustee

                                    ONIROT Living Trust dated 06/20/2000

                                    By:    /s/ Brett Torino
                                       ---------------------------
                                    Name:  Brett Torino
                                    Title: Trustee

                                    Brett Torino

                                      /s/ Brett Torino
                                    -----------------------------------

<PAGE>

                                   Rivacq LLC

                                   By: SOF U.S. Hotel Co-Invest Holdings, L.L.C.
                                       -----------------------------------------

                                       By: SOF-VII U.S. Hotel Holdings, L.L.C.
                                           -------------------------------------

                                           By:   /s/ Barry S. Sternlicht
                                               --------------------------
                                           Name:  Barry S. Sternlicht
                                           Title: Chief Executive Officer

                                       By: I-1/I-2 U.S. Holdings, L.L.C.
                                           -----------------------------

                                           By:  /s/ Barry S. Sternlicht
                                               --------------------------
                                           Name:  Barry S. Sternlicht
                                           Title: Chief Executive Officer

                                    SOF U.S. Hotel Co-Invest Holdings, L.L.C.

                                    By:  SOF-VII U.S. Hotel Holdings, L.L.C.
                                         ---------------------------------------

                                         By:     /s/ Barry S. Sternlicht
                                                --------------------------
                                         Name:  Barry S. Sternlicht
                                         Title: Chief Executive Officer

                                    By:  I-1/I-2 U.S. Holdings, L.L.C.
                                         ---------------------------------------

                                         By:      /s/ Barry S. Sternlicht
                                                --------------------------
                                         Name:  Barry S. Sternlicht
                                         Title: Chief Executive Officer

                                    SOF-VII U.S. Hotel Holdings, L.L.C.

                                    By:      /s/ Barry S. Sternlicht
                                           -----------------------------
                                    Name:  Barry S. Sternlicht
                                    Title: Chief Executive Officer

<PAGE>

                                 I-1/I-2 U.S. Holdings, L.L.C.

                                 By:     /s/ Barry S. Sternlicht
                                        ---------------------------------
                                 Name:  Barry S. Sternlicht
                                 Title: Chief Executive Officer

                                 Starwood Global Opportunity Fund VII-A, L.P.

                                 By:   SOF-VII Management, L.L.C.
                                       --------------------------------------
                                       Its general partner

                                       By: Starwood Capital Group Global, L.L.C.
                                           -------------------------------------
                                       Its General manager

                                               By:  /s/ Barry S. Sternlicht
                                                  --------------------------
                                               Name:  Barry S. Sternlicht
                                               Title: Chief Executive Officer

                                 Starwood Global Opportunity Fund VII-B, L.P.

                                 By:   SOF-VII Management, L.L.C.
                                       ----------------------------------
                                       Its general partner

                                       By: Starwood Capital Group Global, L.L.C.
                                           -------------------------------------
                                       Its General manager

                                           By:  /s/ Barry S. Sternlicht
                                              --------------------------
                                           Name:  Barry S. Sternlicht
                                           Title: Chief Executive Officer

                                 Starwood U.S. Opportunity Fund VII-D, L.P.

                                 By:   SOF-VII Management, L.L.C.
                                       ----------------------------------
                                       Its general partner

                                       By: Starwood Capital Group Global, L.L.C.
                                           -------------------------------------
                                       Its General manager

                                           By:  /s/ Barry S. Sternlicht
                                              --------------------------
                                           Name:  Barry S. Sternlicht
                                           Title: Chief Executive Officer

<PAGE>

                                 Starwood U.S. Opportunity Fund VII-D-2, L.P.

                                 By:   SOF-VII Management, L.L.C.
                                       -----------------------------------
                                       Its general partner

                                     By: Starwood Capital Group Global, L.L.C.
                                         -------------------------------------
                                         Its General manager

                                         By:  /s/ Barry S. Sternlicht
                                            ----------------------------
                                         Name:  Barry S. Sternlicht
                                         Title: Chief Executive Officer

                                 Starwood Capital Hospitality Fund I-1, L.P.

                                 By:  SCG Hotel Management, L.L.C.
                                      ------------------------------------
                                      Its general partner

                                      By: Starwood Capital Group Global, L.L.C.
                                          -------------------------------------
                                          Its General manager

                                          By:  /s/ Barry S. Sternlicht
                                             ----------------------------
                                          Name:  Barry S. Sternlicht
                                          Title: Chief Executive Officer

                                 Starwood Capital Hospitality Fund I-2, L.P.

                                 By:  SCG Hotel Management, L.L.C.
                                      -------------------------------------
                                      Its general partner

                                      By: Starwood Capital Group Global, L.L.C.
                                          -------------------------------------
                                          Its General manager

                                          By:  /s/ Barry S. Sternlicht
                                             ----------------------------
                                          Name: Barry S. Sternlicht
                                          Title: Chief Executive Officer

<PAGE>

                                 SOF-VII Management, L.L.C.

                                 By: Starwood Capital Group Global, L.L.C.
                                     -------------------------------------
                                     Its General manager

                                     By:  /s/ Barry S. Sternlicht
                                        -----------------------------
                                     Name: Barry S. Sternlicht
                                     Title: Chief Executive Officer

                                 SCG Hotel Management, L.L.C.

                                 By: Starwood Capital Group Global, L.L.C.
                                     -------------------------------------
                                     Its General manager

                                     By:  /s/ Barry S. Sternlicht
                                        -----------------------------
                                     Name: Barry S. Sternlicht
                                     Title: Chief Executive Officer

                                 Starwood Capital Group Global, LLC

                                 By:   /s/ Barry S. Sternlicht
                                      ------------------------------------
                                 Name:  Barry S. Sternlicht
                                 Title: Chief Executive Officer

                                 Barry S. Sternlicht

                                    /s/ Barry S. Sternlicht
                                 -----------------------------------------

                                 High Desert Gaming, LLC

                                 By:     /s/ Greg Carlin
                                       ------------------------------
                                 Name:  Greg Carlin
                                 Title: Manager

                                 LAMB Partners

                                 By:  LAMB, LLC
                                      -------------------------------
                                      Its managing partner

                                      By:    /s/ Neil Bluhm
                                           --------------------------
                                      Name:  Neil Bluhm
                                      Title: Managing Member

<PAGE>

                                 LAMB Investors, Inc.

                                 By: LAMB, LLC
                                     --------------------------------
                                     Its sole owner

                                     By:    /s/ Neil Bluhm
                                          ---------------------------
                                     Name:  Neil Bluhm
                                     Title: Managing Member

                                 LAMB, LLC

                                 By:   /s/ Neil Bluhm
                                     --------------------------------
                                 Name:  Neil Bluhm
                                 Title: Managing Member

                                 ISLE Investors, LLC

                                 By:      /s/ Greg Carlin
                                       ------------------------------
                                 Name:  Greg Carlin
                                 Title: Manager

<PAGE>

                                 Greg Carlin

                                    /s/ Greg Carlin
                                 ------------------------------------

                                 Neil Bluhm

                                    /s/ Neil Bluhm
                                 ------------------------------------

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