This post was originally put up on the 4th of July. It continues to get more hits than any other post here at REreno, even though it is now buried deep in the archives. Since there still seems to be a lot of interest, I thought I would “bump” it so it would be more visible. One of the Ng investors, “John Robie“, found me through this blog posting and we have since combined resources to expose the goings on within the Ng Empire which extend far beyond the Siena. And as a Bonus Jack and Fries, we’ve become great friends in the process.
– 8/11/1999 – Five-Way Development (Barney Ng) bought the Holiday Hotel. The approximate cost for the hotel and adjacent land was $2,000,000. The lender was Gold Mountain Financial, a now shuttered entity owned by Walter Ng. (apparently shut after tax fraud charges in southern Cal)
– 6/30/2000 – Five-Way received a $20,000,000 construction loan from Golden Mountain Financial.
– 7/31/2001 – Siena opens.
– 8/21/2001 – General Contractor completes work on the project.
– 8/24/2001 – All the entities change names. Five-Way becomes One South Lake Street LLC. Golden Mountain assigns the construction loan to Bar-K (Walter NG). Original purchase loan and $20,000,000 construction loan paid off. New $50,000,000 loan from Bar-K.
– 12/17/2001 – Bar-K assigns loan to RE Reno LLC (Walter Ng).
– 12/19/2001 – 10 mechanic’s liens totaling $2,056,070 filed by the general contractor and subcontractors. One was released, the others are uncertain.
– 8/8/2004 – RGJ reports on Siena Streamlines Operation, Tires to Move From Red to Black.
– 5/31/2005 – Siena (Wild Game Ng) receives $1,700,000 judgment against Acres Gaming / IGT.
– 7/7/2007 – Siena (Wild Game Ng) receives $643,726 judgment against WMS Gaming.
– 8/8/2008 – IGT award of at least $4,079,261 judgment against Siena (Wild Game Ng). Recorder’s Document 3677435.
– 12/14/2009 – Notice of Default filed based on missed 12/1/2008 payment.
– 1/21/2010 – RSCVA files its first of 3 liens against the Siena for $40,304.
– 4/21/2010 – Nevada Department of Taxation files a $115,992 lien.
– 5/3/2010 – Sierra Meat Company receives a $17,139 judgment against the Siena, who did not appear to contest the claim. Where’s the Beef?
– The timing of the opening and the $50M loan don’t make sense. The liens all cited construction delays due to permit issues and numerous design changes along the way.
– What does it cost to open a hotel casino beyond construction costs? Maybe $10,000 per room in fixtures and furnishings – $2.1M. Fixtures and furniture for the rest of the Siena, including commercial kitchens + maybe $5M. Slot machines at $10,000 per (2007 estimates) x 800 at opening = $8M. Acres software and hardware, maybe $3M. Fees, bankroll and licenses maybe $2M. That only accounts for about $20M of the $30M increase from the construction loan to permanent financing.
– The Acres / IGT software was a dud, and the Siena got $1.7M of the $97M they were seeking for it. But Siena also tried to hose IGT on other agreements, and got hit with a $4M judgment. The Siena effectively went out of business in August 2008 when they lost this law suit, and it is miracle that they have lasted this long.
– More money was poured into the Siena since opening. I know the physical plant was expanded and renovated. Slots had to be replaced when they banned IGT machines.
– Why can’t the RJG or anyone else figure out that this is a family feud between Barney Ng (Siena Hotel and Casino, Wild Game Ng, One South Lake Street, Five Way, and a couple others I need to check out) and daddio Walter Ng (Golden Mountain, Bar-K, RE Reno)? Dad basically fired his son and put in new management, who are puling and whining that it was the old management’s fault even as they continued to divert funds to cover operating expenses. They eliminated the gaming tables not to streamline operations, but because they couldn’t afford the bankroll required by Nevada Gaming.
– The demise of the Siena has been going on for a really long time. Why has it been kept do quiet?
– I don’t get that Siena paid a portion of their back room taxes to RSCVA and gaming taxes. They are DEAD. There is absolutely no hope for them without Daddy continuing to bleed cash. Can profits from full bookings for Hot August Nights make up for the investment, or is this just another stupid financial decision?
– RGJ sure is rubbing Siena’s nose into the ground over all this. Old grudges? It is serving no public purpose at this time. Shame on them.
Hey, on the bright side, I hear that Lakemill Lodge is interested in expanding their holdings West!