Want a casino in Reno-Sparks? - Reno Gazette Journal

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"There's a certain amount of capacity," Adams said. "Excess of that capacity will cause either someone to go bankrupt or to reduce their capacity. Reno has gradually reduced its capacity over the years. There are fewer slot machines and table games now."

Adams said

those casinos in the area that are holding their own have by and large weathered the storm from Indian gaming. The Indian properties in Northern California, Oregon and Washington are all operational, and there are few new properties being developed.Whether Reno is a good investment for potential buyers depends on the individual properties they are considering buying."If I was a corporation and you were talking about an investment, would I put, say, $30 million into a property in Reno, Nev., or put $30 million into a property in Kansas City, Mo., or Biloxi, Miss. They're going to put it into the area where they would get their best return on investment."So while there might be buyers interested in properties such as the Siena, Boomtown and Fitzgerald's Casino-Hotel, that interest would come with the caveat, "if the price is right.""Even if you'd like to be invested in Reno and even if you believe downtown has a reasonable future, you to ask yourself, 'Would I be able to make a profit at that price? Could I make any money on that?' A lot of it would depend on (the asking) price."There have been some positive signs of late,In August, Northern Nevada Asset Holdings purchased the Silver Club on Victorian Avenue in Sparks.Jeff Silver, the attorney for Northern Nevada Asset Holdings, said if the gaming license application is approved, there "are active plans to remodel and revitalize" the Silver Club's interior.Earlier this month, Olympia Gaming of Las Vegas requested a special-use permit to restart the process of developing a hotel-casino at the Legends of Sparks Marina shopping center.A hotel-casino, dubbed the Legends Bay, was part of the original plans for the shopping and entertainment project that sits next to Interstate 80 and opened in June 2009. But casino plans had been on hold because of the recession, city officials said.No timetable was given for either the Silver Club or Legends projects, but the movement is encouraging.Paladino said time will tell if there are buyers for other properties in the region."At some point, the market will settle out," he said. "I think there are some smaller players that could be interested in properties at the right prices."

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