towards middle- and working-class gamblers. He opened a Burger King franchise in the building, the first fast food chain outlet in a casino; this move inspired the phrase "Burger King Revolution" to refer to the broader trend of Las Vegas casinos catering to middle-class customers. The Riviera underwent an expansion from 1988 to 1990 this included the 24 story Monaco Tower also designed by Martin Stern Jr. and two parking garages. The project went significantly over budget, leading the parent company to file again for Chapter 11 bankruptcy protection in 1991. The business emerged from bankruptcy in 1993 as Riviera Holdings Corp., owned by the previous secured creditors. 2010 bankruptcy On July 12, 2010, Riviera Holdings filed for Chapter 11 bankruptcy. Its bankruptcy included a reorganization plan under which secured lenders, led by Starwood Capital Group, would receive new debt and stock. The plan was negotiated with holders of 2/3 of the secured debt worth over $275 million, which included a $225 million term loan, unpaid interest and amounts owing on a swap agreement. Riviera Holdings listed assets and liabilities of $100 to $500 million each. Under the terms of the agreement negotiated by Starwood, secured lenders would receive a new $50 million loan plus 80% of the new stock. Lenders who provide $20 million in a so-called new money loan would receive 8% of the new stock plus warrants for another 10%. Creditors who provide a $10 million working capital loan would receive 7% of the new stock. The last 5% of the new stock goes to the lenders in return for providing a backstop insuring availability for the $30 million in loans. Existing Riviera shareholders received nothing. The Riviera lost $4.5 million on income of $30.8 million in the first quarter of 2010. The decline in popularity of the Riviera was caused in part by the decline of pedestrian foot traffic in the vicinity. Previously, the Riviera was surrounded by the Stardust, New Frontier, and Westward Ho, properties which were demolished to make room for new construction. A shutdown in the new construction in progress at the adjacent Fontainebleau Resort Las Vegas and Echelon Place contributed to the Riviera's decline. The company had 1300 employees in Las Vegas and 260 employees in Black Hawk, Colorado. Closure and demolition (2015–16) In February 2015, the Las Vegas Convention and Visitors Authority (LVCVA) acquired the Riviera hotel and its associated land