Las Vegas Casino Giant Decides To File Bankruptcy

The company that owns the Riviera Casino in Las Vegas has filed for bankruptcy protection and they’ve arranged a deal to transfer all of their assets to the secured lenders. The Riviera Holdings Corp will now step back from their Las Vegas property. The filing for bankruptcy is blamed on the economic downturn that has left vacant lots and unfinished projects near the Riviera Casino.

The location of the Riviera Casino is at the north end of the Strip where few players venture due
to the lack of other properties or entertainment venues in that area. The day to day operations
of the casino will continue and their isn’t expected to be any employee layoffs at the casino.
This is bad news for the land-based casino industry as more gamblers turn to online casinos.
The online casinos are only a mouse click away and you don’t have to pay for airline tickets,
hotel rooms, meals, and other travel expenses to enjoy playing your favorite casino games.
Some of the other Las Vegas giants are beginning to show signs of recovery, but you have to
expect that their will be a few casualties in the casino industry during these difficult times.