Think Casino Mogul: Silver Legacy Declares Bankruptcy
While in the middle of saving the world, one casino jurisdiction at a time, the great and powerful MGM's partially owned downtown Reno resort Silver Legacy has declared bankruptcy.
Silver Legacy is in possession of $143M of debt. MGM - by vanishing their investment in Silver Legacy via the mighty pen - isn't liable. That sure has got to be nice... whip out a pen and cross some liabilities off of the balance sheet.... voila!Is this what they mean by "Think Casino Mogul" ???
This is somewhat surprising, but not really. Reno has been hit hard by casino expansion in other jurisdictions over the last 10 years, compounded exponentially by the general economic disaster. Silver Legacy and its attached partners Eldorado and Circus Circus are the top joints on Virginia Street and to see the biggest, bestest, newest joint have to resort to bankruptcy restructuring isn't a good sign for the city as a whole. Silver Legacy is in such a bad state MGM didn't even roll it into M Life, something they did with Hertz, sbe and Ameristar casinos. Hrmmmm.
Will the last one out of Reno turn out the lights?
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