It looks like another casino in Las Vegas has fallen victim to the bad U.S. economy. Though the profits of some casinos in the city have started to increase in recent months, others have continued to struggle. Unfortunately, for Riviera Holdings Corp, they are one of those casinos that are having trouble stay afloat. Things are so bad that they have been forced to file for bankruptcy. The company is attempting to transfer ownership to senior secured lenders.

According to the court documents filed by Riviera Holdings Corp, the company stated that the recession was in part responsible for their financial woes. They went on to further state that the renovations taking place near the strip resulted in further problems, making it more difficult for potential customers to reach them. This fact, coupled with a declining economy, made it difficult for them to thrive financially. “The effects of such nearby vacant lots and uncompleted projects have been considerable. Although Riviera Las Vegas has fewer neighboring competitors, there are also fewer reasons for customers to venture to the north end of the Strip,” Riviera said.

Though Riviera has filed for bankruptcy, they are not conceding and have no immediate plans to shut their doors. They maintain that the casinos customers and the people who work for Riviera will not be affected by the bankruptcy. This seems to mean that they plan on staying in business and their bankruptcy will only involve a restructuring of their current debt.

Riviera is just one of several casinos in Las Vegas struggling to stay open during the recent and ongoing recession. Things are becoming increasingly difficult as unemployment remains a problem in the United States along with a substantial decrease in discretionary spending as Americans attempt to hold on to the money they do have. Until things get better on the financial front, stories such as this will likely continue to be commonplace.