Gaming briefs for June 5, 2003

Thursday, June 5, 2003 | 10:59 a.m.

Firm gets stock extension

Riviera Holdings Corp., which owns the Riviera hotel-casino in Las Vegas, has received an extension of time from the American Stock Exchange to regain compliance with the exchange's listing standards.

The company will have until Sept. 24 to improve its financial position and maintain a listing on the exchange.

Riviera reported in February that it had received notice from the exchange that the company had fallen below listing standards because of continued losses from operations. The Riviera has blamed those losses on expenses related to its heavy debt load.

The company submitted a compliance plan to the exchange in March. Failure to make progress consistent with the plan or to regain compliance with listing standards by the deadline could result in delisting from the exchange, the Riviera said.

Time share vote delayed

The Clark County Commission on Wednesday postponed a vote on a controversial time-share tower to July 2 because not all commissioners were present.

The 43-story tower would be built by Orlando developer Westgate Resorts on land next to the MGM Grand and in front of the Showcase mall parking garage next door to the resort on the Las Vegas Strip.

MGM Grand parent MGM MIRAGE has opposed the project on the grounds that it is too large to fit on the space and that it would overlook MGM Grand's high-roller villas, violating guest privacy. MGM MIRAGE last month sued the time share's developers to block the project.

Trade group appoints directors

The American Gaming Association has elected five new directors to its board.

International Game Technology Chief Executive Officer Tom Baker, Argosy Gaming Co. Chief Executive Officer Richard Glasier, Isle of Capri Casinos Inc. President and Chief Operating Officer-elect Timothy Hinkley, Aristocrat Technologies Inc. President Gavin Isaacs and Mikohn Gaming Corp. Chief Executive Officer Russ McMeekin were appointed to the board at a meeting Monday.