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Siena's Notice of Default

About five days ago I learned the Siena had a Notice of Default filed against it. I knew I only had a few days before RGJ and mainstream news discovered it, and made a decision to wait to publish it until I had more information. I like the Siena, and knew they were sold out for New Years, and did not want to do anything to hurt their holiday revenue. So, instead I called the higher-ups I know at the Siena and informed them about it, which gave them 'just' enough time to come up with a statement after mainstream news started to break the story last night without first talking to the Siena.

No, the Siena isn't closing, it's business as usual. Here is their official statement:

"Not unlike a number of other hospitality properties throughout the state, the Siena has not remained insulated from the pervasive economic challenges.  However, current comprehensive reorganizational efforts are well underway which will obviate any need by our lender to continue with the foreclosure."

Comments:

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Posted by: Robbie - 12/23/2009 3:49:19 PM
I hope they don't close. I heard on KRNV last night and am little worried

Posted by: Kevin Knutson - 12/23/2009 3:59:43 PM
Thanks for getting the whole story.

Posted by: Tom - 12/25/2009 7:00:32 PM
Where's "the whole story" exactly? All I read was some PR spin from a Siena management talking head. The real story has yet to hit the fan IMHO. A $50M NOD is not exactly a small financial event.

Posted by: DowntownMakeoverDude - 12/27/2009 10:26:37 AM
Of course it's not the whole story, it's just their statement. I highly doubt they would tell anyone the real reason for the foreclosure. However, keep in mind one of the primary players in Siena's lender is Walter NG, the father of Barney NG, the guy who runs the Siena. So there is some kind of Dynasty/Dallas family thing going on. Many are speculating this is dad's way of getting rid of Barney and placing someone else in charge. They have a new GM, a new business plan, so this kind of makes sense, but that's pure speculation and rumor. I've been told by the Siena they aren't closing their doors and it's business as usual.

Posted by: lakescrossing - 12/30/2009 5:02:55 PM
They have a new business plan and new manager, and it's business as usual??? I don't think so. And if they're in financial trouble, it shouldn't be business as usual anyway. I know some people like to spread negative news, but this website really loves sprinkling pixie dust on everything and overlooking the obvious elephant in the room, the collapse of downtown commercial and real estate. And I love how my critical remarks get censored. You remind of the Iraq Minister of Information during the first Iraq War telling everyone Iraq would win the war as US tanks rolled into Bagdad. It's called a reality check, cash it in.

Posted by: DowntownMakeoverDude - 12/30/2009 5:56:51 PM
Hi Lakescrossing I have not censored any of your comments, and I am not sprinkling pixie dust on anything, I was simply relaying their official statement. Yes, something major is going on there. Do I think the property is going to close? No. I have only censored rwo comments ever in the time this site has been up, and both were because they contained foul language

Posted by: Dealer - 6/7/2010 12:09:35 PM
I showed up for my shift at the Siena last night, and helped to close the pit. No more table games at Siena.

Posted by: doofus - 6/10/2010 6:51:51 PM
Thanks, dealer, you scooped the MSM by three days. Best of luck moving forward.

Posted by: Tom - 7/1/2010 3:07:14 PM
This article in the Las Vegas Sun paints a much more serious picture of the Siena's troubles than what has been written locally here in Reno: http://www.lasvegassun.com/news/2010/jun/30/back-taxes-could-cost-historic-reno-casino-its-gam/

Posted by: Wiley_n_reno - 9/7/2010 10:14:53 AM
Really brutal article about the Siena today in the RGJ. A local gaming expert says Ng was over his head from day 1. Plus their location across the river doomed it to second class status no matter what they did inside.

 

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