New York Stock Exchange Removes Casino Operator Riviera Holdings

July 1, 2:15 AMCasino ExaminerKevin Adams

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Riviera Holdings De-Listed

It was finally the end of the road on Friday for casino operator Riviera Holdings Corp. The company's stock was de-listed from the New York Stock Exchange, meaning that no more common shares will be traded.

The company had already agreed earlier this month to de-list their stock because they could not comply with standards. Their inability to meet the deadline for compliance has caused the NYSE to de-list the stock on Thursday.

The NYSE sent a letter to Riviera Holdings indicating that the company did not appear to have the financial stamina to continue to operate. The letter also cited "substantial" losses by the company.

"This is just another example of how the casino industry is being among the hardest hit by the recession," said observer Will Needler, "this is not the first, nor will it be the last casino operator that is de-listed."

While many of the smaller casino companies have had their problems, the big companies are struggling as well. Trump Entertainment was de-listed from the NASDAQ several months ago, and other companies are struggling to stay financially viable.

MGM Mirage, Wynn Resorts, and Las Vegas Sands Corp. have all restructured debt and made other financial decisions to free up capital in the first half of the year.

 Source: newonlinecasinos.org
Source: lightningpokerforum.com
 

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