Siena Hotel Casino In Reno Files Chapter 11
No luck in Reno as the Siena Hotel Casino has filed for Chapter 11 bankruptcy. The hotel made the move so that it can stay open and reorganize its debt. The Siena has been months behind on paying its gaming taxes and was at risk of losing its gaming license. It has also been behind on other state taxes and fees. Casino's employees were also dropped from their health coverage because the Siena didn't pay its bills and it owes $400,000 to NV Energy.
Siena owner Barney Ng has invested about $100 million into the Siena since 2000 in both loans and his own capital and has a $50 million loan. In December the hotel and casino property had received a notice of default and threat of foreclosure from its lender and last month the casino closed its table games. The property has a 214-room hotel and employs around 300 people (down from 500 at its peak). It remains open.