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 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.

The Siena closed its doors in October.

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