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Bulletin: Riviera Holdings Corp. Ratings Currently Unaffected By Announced Plan To Sell Black Hawk Property Oct 11
Standard & Poors, Oct 2011
Abstract
NEW YORK (Standard & Poor's) Oct. 4, 2011--Standard & Poor's Ratings Services said today that the recent announcement by Las Vegas-based casino operator Riviera Holdings Corp. (CCC+/Stable/--) regarding its plan to sell its Riviera Black Hawk Casino does not currently impact our rating or rating outlook on the company. Riviera announced that it has entered into an agreement with Monarch Casino and Resorts Inc. to sell Riviera Black Hawk Casino for $76 million, subject to certain post-closing capital adjustments. There remains some uncertainty around the timing of the close of the transaction, which is contingent upon Monarch being issued a gaming license by Colorado gaming authorities, as well as Riviera's planned use of the cash proceeds. While a substantial portion...
Companies mentioned in this report are: Riviera Holdings Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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