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john
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Joined: 17 Dec 2005
Posts: 1181
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 Posted: Oct Sat 20, 2012 5:31 am Post subject: Silver Legacy Resolution |
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| Here's one for Remano. This press release came to me yesterday. Does this mean the issue is closed for now? |
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remano
Joined: 20 Dec 2005
Posts: 717
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| Posted: Oct Sat 20, 2012 11:44 am Post subject: Re: Silver Legacy Resolution |
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| john wrote: | | Here's one for Remano. This press release came to me yesterday. Does this mean the issue is closed for now? |
Yep, but I think "for now" is the operative phrase there. The plan still requires approval of the bankruptcy court, but with most of the secured creditors in favor that is probably just a formality. That just restructures the debt and cancels SL's default, though. They still have to meet the terms of the new plan and a re-default is always possible.
The creditors probably gave some pretty significant concessions to SL but they probably felt they would lose less that way than by closing it down and ending up with a share of a super-sized Kings Inn. In a way that's too bad, though, because I had it on good authority that the folks who turned Fitzgerald's into Comm Row were ready to work the same magic on the Silver Legacy, converting the dome area into the world's largest indoor skate board park, tentatively called "Con-Roll." The first step would have been to get rid of all gaming, strip the casino to the walls and remodel it to look like the baggage claim area of a closed airport. Next, bring in some exotic dining venues like, say, a hamburger stand and the always hard to find Jimmy Johns. Close down the hotel, add a tattoo parlor on the upper level and there you have it. Instead, I guess we'll just have to put up with more of the same old gambling, drinking, dining and entertainment. Sometimes it seems you just can't make progress. |
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BC Dave
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Joined: 18 Dec 2005
Posts: 1598
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| Posted: Oct Sat 20, 2012 4:01 pm Post subject: Another idea... |
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| Shooter's is probably ready to expand. Perhaps they could move across the road into bigger digs. A colossal "Den of Iniquity". |
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john
Site Admin
Joined: 17 Dec 2005
Posts: 1181
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| Posted: Oct Sun 21, 2012 8:40 am Post subject: Man, that would have been great |
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| If the Comm Row folks had gotten it and did what you said, the next step would have been to acquire all of Reno and convert it into the world's largest ghost town. That would have been real progress. |
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john
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Joined: 17 Dec 2005
Posts: 1181
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| Posted: Oct Wed 24, 2012 6:01 am Post subject: Update |
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| Here's the latest update in the form of a press release. |
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