The Silver Legacy Resort Casino has filed for Chapter 11 bankruptcy, but its owners said it won't affect the ongoing operations or any of the 1,800 employees at one of the largest hotel-casinos in northern Nevada.
Company officials announced the filing for protection against creditors Thursday while seeking reorganization of a $142.8 million debt.
Gary Carano, the CEO of the Circus and Eldorado Joint Venture, said the operation still has a positive cash flow but has been challenged by the financing markets and sour economy. He told the Reno Gazette-Journal the property's largest bondholder has agreed to continue restructuring negotiations until June 1 and expects to ultimately "emerge as a stronger company."
Meanwhile, Carano said it will be "business as usual" for guests and workers at the 1,700-room high-rise in downtown Reno.
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