July 29, 2014
RENO, NV - There's still no official word about the fate of the Silver Legacy in downtown Reno.
Thursday was the last day of an extension given to the hotel-casino by lenders to figure out how to deal with a mortgage debt of more than $142 million. The goal is to keep the property away from bankruptcy.
Thursday afternoon, CEO Gary Carano released a statement saying the discussions are still going on and both sides are making progress. He also says the casino has enough money to meet operating needs.
Gaming experts say while the casino could go bankrupt, it's very unlikely it will close.