Riviera Holdings owns and operates the Riviera Hotel and Casino on the Las Vegas Strip and the Riviera Black Hawk Casino in Black Hawk, Colorado. Investors will now trade the stock through their institutional, online, or full service brokers.

Riviera said earlier this month that it planned to voluntarily delist its stock from the former American Stock Exchange following receipt of a deficiency letter from the Exchange. The letter said the company was out of compliance because "it has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the Company will be able to continue operations and/or meet its obligations as they mature."

Riviera began questioning its own ability to continue as a going concern at the end of March, when it announced a fourth quarter loss of $12.7 million and said that, in order to maintain liquidity, it would default on its $227-million (outstanding) credit facility by not making a required $4-million interest payment.

Riviera says its cash flow is enough to operate its properties but not enough right now to cover its debt payments. Riviera had $16.3 million in cash and cash equivalents as of the end of March. Company executives say they are working to refinance or restructure its debt but that Riviera may still have to file for Chapter 11 bankruptcy protection.