This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Riviera Holdings Voluntarily Delists Stock

LAS VEGAS (AP) ¿ Casino operator Riviera Holdings Corp. said Friday it is voluntarily delisting its common stock, saying that it cannot meet required compliance standards by a required deadline.

Riviera said it received a deficiency letter from NYSE Amex LLC, dated Monday. The letter said Riviera did not meet listing standards because of losses that are so "substantial" and an impaired financial condition, that it remains questionable whether the company can continue operating.

Last month, Riviera said its losses narrowed in the first quarter because of a gain related to the fair value of derivatives. But Riviera's gaming operations were hurt by a tough economy that has consumers scaling back on spending and travel.

Meanwhile, Riviera has defaulted on credit agreements and has previously said it might need to file for Chapter 11 bankruptcy protection.

Riviera said it has been asked to submit a compliance plan by July 1 that advises how it will become compliant with listing standards by Nov. 27.

But Riviera said it cannot take the necessary steps to satisfy the criteria within the time frame and will not submit a plan to gain compliance.

The delisting is effective 10 calendar days after filing the required forms.

Riviera expects the last day of trading will be around June 25.

Shares dropped 39 cents, or 30 percent, to 90 cents.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
AAPL $130.28 0.47%
FB $81.53 -1.07%
GOOG $565.06 3.30%
TSLA $218.42 -0.08%
YHOO $44.52 1.89%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs