It was with a sigh of relief that I read that the new owners of the Siena are planning to reopen with the existing name and not change the name of the property to the Gand Siena. You gotta believe the lawyers for the Grand Sierra were foaming at the mouth and ready to file pleadings!
Interestingly enough, Siena Hotel Spa Casino doesn’t really exist – it is a DBA of One South Lake LLC. It is not a physical entity, has not been trade named either in NV or with the US Patent Office, and the DBA registration with Reno expired 5 years ago. So if you want extort the new owners, head down to the County Clerk with $20 in hand and become the Siena.
So who are the new owners of the Siena? 3 of the 5 investors have been outed, and they are David Colvin of Las Vegas who has Grand Siena LLC registered, Jay Meilstrup of Reno, and Bruce Merati of Carlsbad, CA. You can Google them all and try to sort out what companies they currently work for, but they are all peripheral gaming industry insiders. Expertise includes gaming hardware, gaming software, and casino management programs. If the remaining 2 investors are experts in casino operations and hotel operations, this could be a dream team.
The biggest surprise to me is that this looks to be a casino-centric move instead of a hotel move. The only serious physical due diligence on the property was performed by a party (who did not bid) who saw gaming there as a cancer. It will be interesting to track if the Siena is in fact a viable gaming property, and if Barney Ng’s inept leadership was the sole cause of the Siena’s failure.
The sale of the Siena for $3.9M will erase the $50M loan from RE Reno (no relation to this site) completely. Zero. Nada. All gone. RE Reno had 126 investors who put up $30M specifically for the Siena investment, plus $20M from RE Loans, both Ng venture. The Siena represents only about 3% of the RE Loans fund, but was one of the only bricks and mortar asset and it just zeroed out.
The previous investors in the Siena just lost their entire investment. For some of them it was just a piece of their portfolio but for many it was everything. Not only is their projected retirement income gone, but so is their principle. Granny on the streets. It is a frustrating situation in that the Bar-K investors can’t get any local jurisdictions to file criminal cases against the Ng enterprises, and that would be the first step in allowing Civil cases to be filed for restitution. The Ng’s would just go BK to muck up the Jell-O on “principle” .
So the old Siena investors lost everything, but maybe Reno won in the deal. It looks like the Siena will be open again soon with people who know gaming in control. A couple hundred people Barney threw out into the streets will get rehired. Property taxes to fund the City/County will be brought current in the transfer.
I don’t know the new owners but I welcome you to Reno. The BK courts gave you a fresh start to open up and aid our economy, and the trashy Ng family feud gets settled later out of the public eye (unless you know PACER). Make us proud.