Who wasn’t expecting a bankruptcy filing from the Silver Legacy?  The negotiations between Eldorado and Circus and the debt holders have been going on way to long, in spite of all the Carano smiley face press releases.  Long story short and saving all millions in legal fees is that the Carano’s (Eldorado) will buy out the Circus2 interest and do a refi.  The Carano’s can write a check to cure all of this, but are playing moneyball. Hope the employees don’t gets hurt in the process.  Or maybe the situation is terminal and the Legacy goes dark?

BK Filing

20 Largest Creditors

–  Villas on the River – Sounds bucolic, but 150 Stevenson isn’t on the river and in fact backs up to the Greyhound station.  The former site of the Downtowner Motor Lodge which was demoed in 2009 by the owners.  Purchased for $1,460,364 in 5 2006.  No news here – no defaults.  But does anyone know what this property was supposed to become?  This is a new one to me.

–  I missed Harold’s Club by a couple of years, but it seems like it was quite a place and the sort of Old Reno I really would have enjoyed.  A local filmmaker is producing a low budget documentary on the place, so if you have memories or memorabilia from Harold’s Club, get involved and get famous!  There is a really good history of Harold’s and other casinos HERE for you history buffs.  And here is a bit of what we all missed:

–  CommRow 3.0 –  A Beach House Deli franchise (locally owned) is now in the first food service location.  The old Da Stand location in position 2 is gone, replaced by lounge seating.  Swirls (which never opened) and the Martini Bar now have black velvet curtains that can be closed when there are not open – this creates a much more intimate feeling.  The dog bone lounge is now just lounge chairs and sofas – very institutional and boring and not keep with the “hip, fun, edgy” vibe.  The gift shop has been cleaned out.  And the Lucky Lane Lounge has doubled in size and now forms a large horseshoe into the old coffee shop space – sort of a nightmare to run efficiently.  No visible changed upstairs.  All the signs announcing a hotel are gone.

– Honor Among Banks? – HA!  At least a couple times a week, I am running across new short sale listings from people who have just bought new houses with 20% down.  Come on, the banks providing the new financing aren’t dumb – they know the first house is going to tank on the existing loan holder.  But they just don’t care, as long as they get their fees and commissions on the new loan package.