Hotel and Casino Owner Files for Bankruptcy

Riviera Holdings Corp., the owner of the Riviera Hotel & Casino in Las Vegas, has filed for bankruptcy protection. According to the pre-negotiated deal, ownership will be transferred to senior secured lenders. The company has reported that is has been deeply affected by the slowdown of the U.S. economy and was facing increasing isolation on the Strip. In the Chapter 11 filing, the company lists assets and liabilities in the $100 million to $500 million range.      

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