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Bankrupt Reno, Nev., Hotel Casino Sells for $3.9M - ABC News

Wednesday, 10 November 2010 17:14 administrator
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The bankrupt Siena hotel-casino in Reno, Nev., has been sold at auction for $3.9 million to a group of investors who say

they plan to reopen it as soon as possible under the same name.

U.S. Bankruptcy Judge Gregg Zive on Wednesday approved the sale of the Siena Hotel Spa Casino to Grand Siena LCC, on the condition that the group close the deal with bankruptcy lawyers within 48 hours.

Grand Siena investor Jay Meilstrup (MEYE'-uhl-struhp) of Reno says the team of five includes partners in Chicago and Los Angeles. He says they share his belief that the downtown riverfront property is poised for a comeback. He says they'll begin work to reopen the hotel and restaurants while pursuing new licenses with state gaming regulators.

The Siena closed its doors in October.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.



Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEScWW_5HNeGJpfZkNOn6_Xq6l8Ag&url=http://abcnews.go.com/Business/wireStory?id=12113549

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