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Riviera Hotel Files For Bankruptcy
The owner of the Riviera Hotel & Casino on the Las Vegas Strip has filed for bankruptcy protection. Riviera Holdings Corp. filed Chapter 11 under a pre-negotiated deal that will end up transferring the ownership of the company to secured lenders. The reorganization plan has the approval of a majority of the lenders holding parts in it's nearly $248 million in debt. The filing has no impact on the day to day running of the Riviera hotel and casino in Las Vegas and the Riviera in Black Hawk, Colorado which remain open.Riviera Holdings lost $4.5 million as revenue fell in the first quarter. While room occupancy was up, the average room rate in Las Vegas continued to fall as the hotel competed with other Strip properties which have also been dropping their prices.
Like many Las Vegas properties, the Riviera has been affected by the drop in tourism. The property itself has also suffered because of its north Strip location. Many of the casinos on that end of the glittering boulevard have been torn down or sold to make room for new resorts. Unfortunately the economic turmoil has meant that many properties haven't been built or, like the Fontainebleau project, have been delayed. Visitors to the Las Vegas strip tend to cluster in certain areas, most likely visiting other properties that are a short walk away.
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