While casinos all over the country are filing for bankruptcy protection Reno’s Siena Hotel Spa Casino plans to go down fighting.
The Nevada Gaming Commission has granted the casino a stay, although last week they were on the verge of permanently losing their gaming license.
Barney Ng, the owner of the struggling resort told the commission last week, that they have been in preliminary talks with Club Cal Neva to take over casino operations under a management agreement but was avoiding filing for bankruptcy because he feared that would signify the end of the resort.
Instead of revoking the license, regulators ordered the casino to maintain $230,000 on hand to pay potential winners, $154,000 in back casino taxes by July 22, $7,200 per month to the Reno-Sparks Convention & Visitors Authority for back room tax payments along with other past due bills including electricity.
The Nevada Gaming Control Board said that the casino was able to come up with the required bankroll to continue operations for the time being, however if the deadlines were not met or bankroll fell below required limits the casinos 60 year gaming license would be immediately revoked.
The casino must also provide the commission a detailed list of debts and a contingency plan by the July 22 deadline to receive another stay.
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