I think the impact on Riviera direct sales may not be all that much. Two reasons:
1. I think a lot of first-time DVC buyers don't really understand all the intricacies of DVC and will just listen to the Guides (who will surely omit resale reference to prospective buyers)
2. Even if someone has a vague idea about the resale market, they may not have any plans to sell in the future and think that this issue won't affect them. I don't have any data, but don't you think that most people buy DVC with the intent to hang on to it until expiration?
What will be impacted are those current DVC owners who were considering a Riviera add-on contract. Knowing that if that contract gets sold and the new owners would only be able to book at Riviera would have to dramatically impact the resale market for that contract. Again, I don't know what percentage of sales at a new resort come from existing DVC owners, but this could have impact on that segment.