$3.9 Million Buys Bankrupt Hotel Casino Siena

By: AP Email
By: AP Email

RENO, Nev. (AP) - The bankrupt Siena hotel-casino in Reno has
been sold at auction for $3.9 million to a group of investors who
say they plan to reopen it as soon as possible under the same name.

U.S. Bankruptcy Judge Gregg Zive approved the sale of the Siena
Hotel Spa Casino on Wednesday to Grand Siena, LCC conditioned on the group closing the deal with bankruptcy lawyers within 48 hours.

Grand Siena investor Jay Meilstrup (MEYE'-uhl-struhp) of Reno
says the team of five includes partners in Chicago and Los Angeles.
He says they share his belief the downtown riverfront property is
poised for a comeback. He says they will begin work to reopen the
hotel and restaurants while pursuing new licenses with state gaming
regulators.

Bidding began at $3 million and after two additional bids the new owner was announced.

The property is estimated to worth more than $7,000,000 total.

Stay KOLO 8 News Now for the latest as this story develops.


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