November 28, 2014
RENO, NV - The Silver Legacy has filed for Chapter 11 bankruptcy. After getting several extensions to try to restructure its $143 million debt, the agreement has fallen through.
In a letter sent Thursday to employees and guests, CEO Gary Carano says despite the filing, it is business as usual at the Silver Legacy and there will be no impact to its operation.
Carano adds that paychecks will still be given on time and benefits and vacations are still in place. He says the resort continues to bring in money.
Gaming experts say despite filing for Chapter 11, it's unlikely the Silver Legacy will close.