Silver Legacy Reaches Agreement to Settle $142.8M Debt
Reno's Silver Legacy Resort Casino has reached an agreement to settle its $142.8 million debt with creditors.
The Reno Gazette-Journal reports (http://on.rgj.com/UgMcQM) the agreement, which will go before U.S. Bankruptcy Court in Reno on Monday for approval, would allow the resort to emerge from five months of bankruptcy protection.
Officials say the agreement calls for a new $70 million loan with cash and new second lien notes that has the "overwhelming support" of the hotel-casino's creditors.
It also keeps the current ownership and management structure in place, led by Circus and Eldorado Joint Venture CEO Gary Carano.
The company has operated the 35-story, 1,700-room resort since it opened in 1995 at a cost of $350 million.