Associated Press 07.13.10, 02:58 PM EDT
Apparently the Riviera, Black Hawk Casino in the Colorado (made over) gaming town of Black Hawk is filing for Chapter 11 backruptcy along with it’s older sibling, The Riviera Hotel and Casino in Las Vegas Nevada. The parent company is Riviera Holdings.
Here’s a story from Associated Press 07.13.10, 02:58 PM EDT
LAS VEGAS — Las Vegas and Colorado casino owner Riviera Holdings Corp. has filed for Chapter 11 bankruptcy reorganization.
Company subsidiaries Riviera Operating Corp. and Riviera Black Hawk Inc. also filed Monday for reorganization in U.S. Bankruptcy Court in Las Vegas. They own the 2,075-room Riviera hotel-casino on the Las Vegas Strip and the Riviera Black Hawk in Colorado.
The filings say the planned restructuring is supported by holders of more than two-thirds of nearly $248 million in debt under a June 2007 senior credit facility.
That could let Riviera Las Vegas and Riviera Black Hawk continue to operate during the bankruptcy process.
The company reported to the U.S. Securities and Exchange Commission late last year that it was trying to restructure debt to avoid filing for bankruptcy.
Yea, probably a Chapter 11 Bankruptsy for the RIV. (YAWN)
Casinos rise and fall, make a lot of money, go bankrupt then miraculously reappear, feeling all better now.
In the meantime the small investors loose all their money, the employees get screwed and the fat cats at the top meet at steak houses and smoke cigars after dinner. Nothing wrong with steak houses or cigars (other than the obligatory PC reasons, like this) it’s just in the way they do it.
The RIV ain’t going anywhere unless it’s just to roll the properties over for new construction, or a fatter cat buys them out.
That’s just my opinion.