In many ways, the closing of the casino portion of the Siena isn’t much of a surprise. Casino operations have continued to bleed cash since the bankruptcy, as evidenced by Siena’s weekly P/L filings with the courts. Still, many questions remain and your sage comments are welcome.
– This is a big weekend in Reno. It is homecoming for UNR. The Italian Festival is going on at Harrah’s. The wedding chapels are booked solid for the auspicious 10/10/10 date. It should have been a profitable weekend, even for the Siena. Why not wait until Monday to let the casino go dark?
– Is it a coincidence that the State Gaming Commission held their monthly meeting on October 6 and 7. Neither Siena, Wild Game Ng nor the Cal Neva were on the published agenda. Did Siena wait until after the meeting to avoid discussions there? Or perhaps Siena WAS discussed and closed the same evening?
– The change of venue for the BK case happened last week and is now being heard in Nevada. Makes sense, since the majority of the Siena’s more than 400 creditors are Nevada entities. Is the timing of the casino closing related to the change of venue?
– Why are they building a wailing wall around the slots instead of just turning them off and roping off the area? A sea of closed slots doesn’t look all that bad, but a cleared out slot parlor looks like hell. Have you ever seen how groady the area under a lot machine gets? Is Konomi getting their equipment back?
– Most of the hourly casino employees get paid on Friday, and gaming officials have stated that Siena couldn’t make payroll without dipping into their bankroll, so decided to close the casino. Not that the Siena has shown a great deal of concern with their employees (post dated checks, minimum wage issues, and of course skipping out on medical insurance payments).
– Siena has stated that they are going to invest the remaining bankroll on a casino renovation. Do you have any idea how costly and complicated a casino renovation is. Huge costs in electrical, data and security systems. Scrutiny of handicapped and exiting issues. This all requires permits, and a search of Reno’s Virtual Permit Place didn’t turn up any applications for the Siena. (the wailing wall was most likely constructed illegally without a permit)
– If the bankroll is being spent on a renovation, where is the money for new slots and systems going to come from? For that matter, where is the new bankroll to reopen the casino going to come from?
– The RGJ reported Friday that the Siena is hiring Innovation Capital LLC to advise them on the BK reorganization.. Holy time warp, Batman, shouldn’t that have happened either before or immediately after the BK filing?
So a lot of questions and some speculation. What do you think is going on at the Siena Hotel Spa Casino and what is the end game going to look like?