October 24, 2014
RENO, NV - In a statement to the media Friday, CEO Gary Carano said the hotel casino had reached an agreement with a major lender--one that would allow refinancing discussions to continue.
"We believe it is a positive step," said Carano, "in our proactive efforts to address the economic downturn....and position the Silver Legacy for long-term success."
The new deadline was included in a document filed with the Securities Exchange Commission Friday.
Carano also sent a letter to employees saying in part "we continue to generate positive cash flow." Adding "as we work through this process we will continue to operate as usual."
The Silver Legacy was launched in 1995 as a joint partnership with the Carano family, which owns the ElDorado next door and the operators of the Circus Circus.
It's mortgage debt stands at more than $142 million dollars.
Although bankruptcy remains a possibility, gaming experts say its unlikely the hotel casino would close.
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