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Deadline Extended Again for Silver Legacy Debt
Posted: 6:28 AM May 3, 2012
Reporter: Associated Press
RENO, Nev. (AP) - Owners of the Silver Legacy Resort Casino and their creditors have again extended a deadline to finalize a $143 million debt restructuring agreement.
The Reno Gazette-Journal reports (http://on.rgj.com/In9Hx3 ) the new deadline is May 14.
Wednesday's announcement by Circus and Eldorado Joint Venture comes two days after the previous deadline for resolving the downtown Reno high-rise's debt, originally due in full on March 1.
In a letter to employees, Silver Legacy CEO Gary Carano says the resort's cash flow remains positive and they are looking forward to a busy summer tourist season.
Circus and Eldorado Joint Venture first filed notice with the federal Securities and Exchange Commission on Feb. 6 of its debt, which is part an original $160 million note taken out in early 2002.
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