Casino operator Riviera Holdings Corp. says it will miss a roughly $4 million interest payment and may be headed into bankruptcy.
The owner of the Riviera hotel-casino on the Las Vegas Strip and the Riviera Black Hawk in Colorado says it can't make a payment due Monday on its $245 million credit facility.
|Nevada revenues hit new low|
|Casino revenues still in freefall|
|Nevada revenues continue to slide|
|Also Check out Casino Industry News|
The company says its accountant has "substantial doubt as to our ability to continue as a going concern."
Riviera Holdings reported a net loss of $12.7 million for the fourth quarter of 2008, or $1.02 per share. It lost $6.1 million, or $0.50 per share, in the same period in 2007.
Revenue was down 24 percent, to $36 million.
Company stock was down 30 percent, at $1.03, in afternoon trading.