Riviera says it got notice of technical default

Mar 5, 2009 1:12 AM
Staff & Wire Reports |

The owners of the Riviera Hotel and Casino on the Las Vegas Strip say they have technically defaulted on a loan, despite being current with interest and payment obligations.

Riviera Holdings Corp. said in a Securities and Exchange Commission filing Wednesday that it received notice last week from Wachovia Bank that it violated a 2007 credit agreement by not allowing the bank to access its operating cash.

Riviera chief executive William Westerman says his company is open to giving Wachovia access, as long as Riviera can still get to the cash to pay operating costs.

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