Riviera announces bankruptcy plan


She was once one of the grand dames of the Las Vegas Strip.  When she was built, she was the first high-rise on the Strip.  For many years, Liberace, Dean Martin and other classic Las Vegas entertainers graced the stage of the showroom.

But in recent times, the Riviera lost a lot of her glamour and in trying to stay alive resorted to just barely hanging on.

We hope the grand dames luck is changing.  Steve Green at the Las Vegas Sun reports about that the bankruptcy plan includes improvements and possibly new gaming equipment.

The Riviera Las Vegas hotel-casino would be spruced up and receive new gaming equipment under its parent company's bankruptcy reorganization plan.

Unable to service its approximately $291 million in debt and liabilities, Riviera Holdings Corp. filed for Chapter 11 reorganization in Las Vegas on July 12.

Investors led by longtime hotel and gaming industry executive Barry Sternlicht of Starwood Capital Group have acquired some of the debt and intend to lead the company out of bankruptcy.

Besides its 2,075-room Las Vegas property, the company owns the Riviera Black Hawk casino in Colorado.

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