Riviera shares close under $1

Riviera Holdings Corp. closed trading today at under $1 per share, a day after the company indicated it may file for bankruptcy this week.

Shares opened the day at $1.13, but plunged bellow the $1 mark just after 11 a.m. The stock hit as low as 85 cents per share before closing trading at 89 cents on the American Stock Exchange. The company, which owns a property on the Strip and one in Colorado, now has a market value of $11.12 million.

Shares opened trading at $1.47 on Tuesday before the company announced it skipped a $4 million interest payment that was due Monday. The company said it does not intend to make the payment on the $245 million credit facility with Wachovia Bank during a three-day grace period that expires tomorrow.