Riviera Las Vegas Files Chapter 11

Riviera Las Vegas

Riviera Las Vegas

Riviera Holdings Corp., owner of casinos in Las Vegas and subsidiaries Riviera Operating Corp, filed for Chapter 11 bankruptcy reorganization Monday.

The Recession is putting a squeeze on the Riviera and its assets are worth less than its liability.

The Riviera will continue its operation uninterrupted.

Riviera attorneys wrote: “Debtors were faced with declining hotel and casino revenues based on reduced consumer spending, a tightening credit market, and an overall weakening economy.

Riviera Holdings said it lost $4.5 million in the first quarter, amounting to 36 cents per share, compared to a year-ago quarter of $1 million or 8 cents per share.

We hope the Riviera can hold on.

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