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The owner of the Riviera Hotel & Casino, Riviera Holdings Corporation, has filed for bankruptcy protection under a deal that will transfer ownership of the company to lenders, writes Reuters.
The Riviera has been deeply impacted by the national economic downturn, and its isolation on the north end of the Strip in Las Vegas, where the construction of high-end resorts has been delayed or halted, hasn’t helped its situation.
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The company also owns the Riviera in Black Hawk, where the filing won’t affect daily business, reports The Denver Post. Still, local gaming earnings have taken a hit.
Lois Rice, executive director of the Colorado Gaming Association, adds, “What we’re experiencing in Colorado is not unique. It’s happening in other states. The environment for the gaming industry is down across the country.”