The First Las Vegas Domino Falls! - Riviera Hotel Files For Bankruptcy

Riviera Hotel Files For Bankruptcy

Riviera Holdings Corp., owner of casinos in Las Vegas and Colorado, filed for Chapter 11 bankruptcy reorganization Monday -- the latest in a series of gaming industry bankruptcies during the current recession.

In the first quarter, revenue at the 2,075-room Riviera Las Vegas of $20.5 million was down from $24.4 million in the 2009 quarter.

Amid tough competition on the Las Vegas Strip, Riviera said its room revenue there of $8.4 million tumbled 18.4 percent as the average daily room rate fell about 20 percent to $55.69.

I think casinos will be a hard-hit sector. You really can't be short enough casinos.