UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13G
                                (Amendment No. 1)

                    Under the Securities Exchange Act of 1934



                          Riviera Holdings Corporation
--------------------------------------------------------------------------------
                                (Name of Issuer)


                         Common Stock, $.001 par value
--------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    769627100
--------------------------------------------------------------------------------
                                 (CUSIP Number)


                                December 31, 2007
--------------------------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)


     Check the  appropriate  box to  designate  the rule  pursuant to which this
Schedule is filed:

          [_]  Rule 13d-1(b)

          [X]  Rule 13d-1(c)

          [_]  Rule 13d-1(d)

----------
The  information  required in the remainder of this cover page shall not be
deemed to be "filed"  for the purpose of Section 18 of the  Securities  Exchange
Act of 1934 ("Act") or otherwise  subject to the  liabilities of that section of
the Act but  shall be  subject  to all other  provisions  of the Act  (however,
see the Notes).



CUSIP No.   769627100
            ---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     Ramsey Asset Management, LLC

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                                 (a)  [_]
                                                                 (b)  [X]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     610,651

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     610,651

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     610,651

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
     SHARES (SEE INSTRUCTIONS)

                                                                      [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     4.9%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     CO, IA



CUSIP No. 769627100
---------------------

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

     W. Russell Ramsey

2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
                                                                 (a)  [_]
                                                                 (b)  [X]

3.   SEC USE ONLY


4.   CITIZENSHIP OR PLACE OF ORGANIZATION

     United States

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5.   SOLE VOTING POWER

     0

6.   SHARED VOTING POWER

     610,651

7.   SOLE DISPOSITIVE POWER

     0

8.   SHARED DISPOSITIVE POWER

     610,651

9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     610,651

10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
     SHARES (SEE INSTRUCTIONS)

                                                                      [_]

11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

     4.9%

12.  TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

     IN, HC



CUSIP No.   769627100
            ---------------------

Item 1(a).  Name of Issuer:

            Riviera Holdings Corporation
            --------------------------------------------------------------------

      (b).  Address of Issuer's Principal Executive Offices:

            2901 Las Vegas Boulevard South
            Las Vegas, Nevada 89109
            --------------------------------------------------------------------

Item 2(a).  Name of Person Filing:

            Ramsey Asset Management, LLC
            W. Russell Ramsey
            --------------------------------------------------------------------

      (b).  Address of Principal Business Office, or if None, Residence:

            Ramsey Asset Management, LLC
            W. Russell Ramsey
            8200 Greensboro Drive,
            Suite 1550
            McLean, Virginia 22102
            --------------------------------------------------------------------

      (c).  Citizenship:

            Ramsey Asset Management, LLC - Delaware limited liability company
            W. Russell Ramsey - United States
            --------------------------------------------------------------------

      (d).  Title of Class of Securities:

            Common Stock, $.001 par value
            --------------------------------------------------------------------

      (e).  CUSIP Number:

            769627100
            --------------------------------------------------------------------

Item 3.     If This Statement  is filed  pursuant to ss.240.13d-1(b) or
            240.13d-2(b), or (c), check whether the person filing is a:

     (a) [_]  Broker or dealer registered under Section 15 of the Exchange Act
              (15 U.S.C. 78c).

     (b) [_]  Bank as defined in Section 3(a)(6) of the Exchange Act (15
              U.S.C. 78c).

     (c) [_]  Insurance  company as defined in Section 3(a)(19) of the Exchange
              Act (15 U.S.C. 78c).

     (d) [_]  Investment  company  registered under Section 8 of the Investment
              Company Act of 1940 (15 U.S.C. 80a-8).

     (e) [_]  An investment adviser in accordance with s.240.13d-1(b)(1)(ii)(E);

     (f) [_]  An employee  benefit plan or endowment  fund in  accordance  with
              s.240.13d-1(b)(1)(ii)(F);

     (g) [_]  A parent  holding  company or control  person in accordance  with
              Rule 13d-1(b)(1)(ii)(G);

     (h) [_]  A savings  association  as defined in Section 3(b) of the Federal
              Deposit Insurance Act (12 U.S.C.1813);

     (i) [_]  A  church  plan  that  is  excluded  from  the  definition  of an
              investment  company  under  Section  3(c)(14)  of the  Investment
              Company Act of 1940 (15 U.S.C. 80a-3);

     (j) [_]  Group, in accordance with s.240.13d-1(b)(1)(ii)(J).

Item 4.     Ownership.

        (a) Amount beneficially owned:

            Ramsey Asset Management, LLC - 610,651
            W. Russell Ramsey - 610,651
            --------------------------------------------------------------------

        (b) Percent of class:

            Ramsey Asset Management, LLC - 4.9%
            W. Russell Ramsey - 4.9%
            --------------------------------------------------------------------

        (c) Number of shares as to which the person has:

            (i)   Sole power to vote or to direct the vote

                  Not Applicable
                  --------------------------------------------------------------

           (ii)   Shared power to vote or to direct the vote

                  Ramsey Asset Management, LLC - 610,651
                  W. Russell Ramsey - 610,651
                  --------------------------------------------------------------

           (iii)  Sole power to dispose or to direct the disposition of

                  Not Applicable
                  --------------------------------------------------------------

            (iv)  Shared power to dispose or to direct the disposition of

                  Ramsey Asset Management, LLC - 610,651
                  W. Russell Ramsey - 610,651
                  --------------------------------------------------------------

Item 5.  Ownership of Five Percent or Less of a Class.

     If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following [X].

         -----------------------------------------------------------------------

Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.

         Not Applicable
         -----------------------------------------------------------------------

Item 7.  Identification and  Classification of the Subsidiary Which Acquired the
         Security  Being  Reported on by the Parent  Holding  Company or Control
         Person.

         Not Applicable
         -----------------------------------------------------------------------

Item 8.  Identification  and  Classification  of Members of the Group.

         Not Applicable
         -----------------------------------------------------------------------

Item 9.  Notice of Dissolution of Group.

         Not Applicable
         -----------------------------------------------------------------------

Item 10. Certification.

         By signing  below I certify  that,  to the best of my  knowledge  and
         belief, the securities referred to above were not acquired and are not
         held for the purpose of or with the effect of changing or  influencing
         the control of the issuer of the  securities and were not acquired and
         are not held in connection with or as a participant in any transaction
         having such purpose or effect.




     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.



                                          Ramsey Asset Management, LLC

                                          By: /s/ Daniel Bender
                                          ---------------------
                                          Name:  Daniel Bender
                                          Title: Chief Financial Officer
                                          Date:  February __, 2008



                                          /s/ W. Russell Ramsey
                                          ---------------------
                                          Name: W. Russell Ramsey
                                          Date:  February __, 2008







                                                                       Exhibit A


                                    AGREEMENT

The undersigned agree that this Schedule 13G dated February 13, 2008 relating to
the Common Stock, $.001 par value of Riviera Holdings Corporation shall be filed
on behalf of the undersigned.



                                          Ramsey Asset Management, LLC

                                          By: /s/ Daniel Bender
                                          ---------------------
                                          Name:  Daniel Bender
                                          Title: Chief Financial Officer
                                          Date:  February __, 2008



                                          /s/ W. Russell Ramsey
                                          ---------------------
                                          Name: W. Russell Ramsey
                                          Date:  February __, 2008





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