July 28, 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.
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