Riviera Holdings Corp (RVHL) Post Wider Loses
Riviera Holdings Corp (RVHL: 0.00 N/A) is still teetering on the brink of bankruptcy as its gaming revenue losses widen.
The casino operator reported through a Securities and Exchange Commission filing today, that it lost $4.5 million, or $0.36 a share, during the first quarter of 2010 compared to a loss of $1 million or $0.08 a share in the same period last year.
Net revenue was down to $30.8 million from $34.7 million in the year-ago quarter.
Although Riviera says they are still negotiating with lenders to refinance or restructure more than $227 million in debt, they remain in default on debt obligations.
“We believe that due to a number of factors affecting consumers, including but not limited to a slowdown in global economies, contracting credit markets and reduced consumer spending, the outlook for the gaming and hospitality industries remains highly uncertain. Based on these adverse circumstances, we believe that the company will continue to experience lower than expected hotel occupancy rates and casino volumes,” Riviera said in the quarterly report.
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