LV casino operator’s stock faces delisting

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Tuesday, Feb. 11, 2003 | 11:22 a.m.

Riviera Holdings Corp., owner of casinos in Las Vegas and in Colorado, disclosed today that its stock faces delisting by the American Stock Exchange.

"The company has been informed that it does not meet certain AMEX listing requirements, (due to among other things, the company's negative equity and losses) and that, consequently, the AMEX intends to initiate steps that could ultimately result in the delisting of the company's common stock from the American Stock Exchange," Riviera said.

Duane Krohn, treasurer and chief financial officer of Riviera Holdings Corp., said the company hasn't met AMEX's criteria for at least six months and that it is up to the exchange now if the company is to be delisted.

"If it is not listed, the company will be traded on the bulletin board like a lot of other companies," he said. "It is very difficult to meet the criteria when we've had losses for three years."

One criteria of AMEX is the company must have $6 million in equity if it has losses for three consecutive years, Krohn said.

The announcement came as Riviera reported a fourth quarter loss of $3.9 million or $1.13 per share vs. a loss of $3.2 million or 92 cents in the year-ago quarter.