April 17, 2014
RENO, Nev. (AP) - Owners of the Silver Legacy Resort Casino say
they've reached a support agreement with bond holders giving them
more time to try to restructure $142.8 million in mortgage debt.
Executives of the downtown Reno casino say note holders have agreed to give them until April 30 to complete the restructuring.
The 1,700-room hotel-casino is owned by Circus and Eldorado Joint Venture.
In a letter to employees Monday, Silver Legacy general manager Gary Carano called the latest development an "important milestone" to reaching a favorable resolution with bondholders.
Carano adds that the casino is generating positive cash flow and has sufficient cash to meet operating needs.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.