Quarterly loss reports from Riviera

[Chipsahoy]

Quarterly loss reports from Riviera

Las Vegas visitations and convention attendance plunged in the last quarter. The company which owns the Riviera hotel and casino said business conditions remain "weak". Their properties plunged by 32.9% in the first quarter. Friday's stock showed a small gain of 20 cents up to $2 a share, at one time they were as low as 79 cents and as high as $18. They are trying to avoid filing Chapter 11, but it may be necessary to reorganize in this economy.

[vegasrocks]

A lot of the Vegas casinos are saying that they are not doing so well right now and that they are having to make some changes in order to stay afloat. Some are considering chapter 11 such as Riviera.

If they can make it through this swine flu outbreak and get into the summer months when more people flock to Las Vegas, they may be ok.