January 25, 2015
LAS VEGAS (AP) - The owners of the Riviera Hotel and Casino on
the Las Vegas Strip say they have technically defaulted on a loan,
despite being current with interest and payment obligations.
Riviera Holdings Corp. said in a Securities and Exchange
Commission filing Wednesday that it received notice last week from
Wachovia Bank that it violated a 2007 credit agreement by not
allowing the bank to access its operating cash.
Riviera chief executive William Westerman says his company is
open to giving Wachovia access, as long as Riviera can still get to
the cash to pay operating costs.