Home » VT News » Atlantis Reno buys Bankrupt Company That Was Buying Bankrupt Fitzgeralds Reno - Downtown Lives!
Atlantis Reno buys Bankrupt Company That Was Buying Bankrupt Fitzgeralds Reno - Downtown Lives!
Monarch Casino & Resort, Inc., owner of the Atlantis Casino Resort in Reno,
Nevada, announced today that through a wholly-owned subsidiary, Golden Town, Inc., it has acquired 100% of the equity interest of LLH Gaming, Inc. and its affiliates ("LLH"). LLH is the party to a Purchase Agreement for the purchase
by LLH of the Fitzgerald's Reno Casino Hotel located in downtown Reno, Nevada ("Fitzgerald's Reno"). LLH sought protection under Chapter 11 of the United States Bankruptcy Code on December 29, 2005, just prior to the expiration date of LLH's Purchase Agreement for Fitzgerald's Reno.
The Company intends to cause LLH to complete the purchase of Fitzgerald's Reno at an estimated cost of $11,000,000 plus additional transaction costs and to cause the LLH bankruptcy case to be dismissed. However, the purchase of Fitzgerald's Reno is subject to several issues and contingencies, any of which could prevent or delay the successful completion of the purchase.
Because of the significant contingencies and uncertainties, there is no
assurance that Monarch's subsidiary will consummate the purchase of
Fitzgerald's Reno.
Fitzgerald's Reno is a 351-room hotel with approximately 27,000 square
feet of gaming space and three restaurants located in the central business
district of downtown Reno, and is within walking distance of the National
Bowling Stadium and other downtown attractions.
A United States Bankruptcy Court approved the Fitzgerald's Reno Plan of
Reorganization on May 5, 2003. The Fitzgerald's Reno bankruptcy debtors
surrendered their gaming license in August 2003, and since that date, a court
appointed supervisor has operated Fitzgerald's Reno.

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