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Sun: Riviera Misses Debt Payment

Owner Says Casino Discussing Options With Lender

POSTED: 5:34 pm PDT July 8, 2009
UPDATED: 6:01 pm PDT July 8, 2009

The owner of the Riviera hotel-casino in Las Vegas said Wednesday it missed another interest payment on its debt, the Las Vegas Sun said.

The owner said the casino is continuing to talk with its lender about possible solutions to its financial issues, the Sun said.

Riviera Holdings Corp. said earlier this year that because the recession has reduced business at its properties in Las Vegas and Colorado, it elected not to make a $4 million interest payment on March 30 and warned it may need to seek bankruptcy protection, the Sun said.

On Wednesday, Riviera said it missed another payment due June 30 on its $245 million credit facility with Wachovia Bank -- now owned by Wells Fargo Bank -- as administrative agent, the Sun said.

"The company continues to engage Wachovia in discussions regarding events of default under the credit facility," Riviera said in a regulatory filing.

The Sun said the company at year-end employed the equivalent of 1,137 people at its property on the Las Vegas Strip.


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