Siena bankruptcy sale

Siena Goes Down, but Not For Long


From reports I've seen over the last few years, the Siena Hotel Spa Casino was skating on the edge of fiscal disaster almost since it opened. When it closed the doors due to bankruptcy on October 21, it had $50 million in debt. The story could have ended there, with the Siena joining Fitzgeralds in Reno (closed in 2008) and the Silver Club in Sparks (closed in 2009) as hotel casino properties that could not weather the recession, declining tourism, and competition from California Indian casinos.

At the bankruptcy auction on November 10, Grand Siena LLC trumped two other bidders to obtain the property for $3.9 million. The purchase included all of the furnishings and equipment inside and the website, but not the $50 million debt.