The Siena sold for $3.9 million today at auction to Grand Siena, LLC, represented by David Colvin. About 80 people, mostly lawyers and bigwigs showed up to the auction but only three bidders that I saw were making bids. Stay tuned for more info!
UPDATE: The $3.9 figure is “free and clear”, and the court will determine the distribution of the proceeds at a later date. The court did authorize that the outstanding liens for property tax, sewer fees, gaming fees, and RSCVA be paid from the proceeds immediately to allow the transaction to close within 48 hours. This will leave about $3.5M to be split among the creditors. It looks like RE Reno LLC (Walter NG) who owns the $50M investment will get nothing in the end.
There were 3 bidders: Northern Nevada Asset Holdings (new owners of Silver Club in Sparks), Stratus West LLC (a division of Stratus Gaming?), and the winning bidder Grand Siena LLC. This entity is controlled by David Colvin from Las Vegas, who is also the principal behind Gaming Arts (www.gamingarts.com).
UPDATE: The new owners plan to reopen the hotel under the same name as soon as possible according to Channel 2 News's tweet.