Riviera Holdings Corporation is holding desperate talks with creditors to restructure its debt to ensure it has a viable future. Riviera Holdings owns the Riviera casino in Las Vegas and also a casino in Colorado. It has posted a loss of $13.5 million in the quarter ending June 30th, a different of $23.5 million from the $10 million profit recorded at the same time last year.

Riviera has missed a $6 million interest payment to its creditors in the second quarter. The company has not discounted the possibility of bankruptcy and is continually discussing with its creditors how it can avoid going down. Riviera Holdings currently has $276.1 million in longer term debt.

With continual declines in visitor numbers and losses recorded by other Vegas casinos, it is going to have to take a big effort to fish itself out of the hole.

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