Friday, October 8, 2010

RGJ Update: Siena shifts money "to other obligations"

Update at 3:38 p.m.:

 Dennis Neilander, chairman of the Nevada Gaming Control Board, said the Siena requested temporary closure of its gaming operations. Its sports book will remain open because it is run by the Cal Neva under a separate license.

Neilander said there is a requirement for licensees to maintain a minimum bankroll, calculated based on the types of games they have and potential jackpots.

“They decided to shut down (their) gaming operation and take that bankroll to other obligations as part of steps to make the property viable,” Neilander said.

Gaming was shut down about 4 a.m. Friday morning and agents from the board were on hand to observe the final drop about 6 a.m.

Neilander said the Siena is working on proposals to redo the slot floor.  “I think they decided this was the best course of action,” he said.

Temporary closures are done by quarter. The approval runs through the end of this quarter. If the Siena wants to remain closed for another quarter they can make another request.

Jeff Siri, CEO and president of the Cal Neva, said they will continue to keep the sports book in the Siena open.  “Our sports book’s done OK business today, surprisingly,” he said, noting that a 6-foot wall had been placed around the slot machines. “Hopefully we can spruce up the area and stay active. If they can keep the hotel business open I think it could do OK.”

Reno Mayor Bob Cashell said about 3 p.m. he hadn’t spoken with anyone at the Siena yet, but had heard they closed the gaming to do a renovation.  “I’m just hoping they’re not closing,” he said.


  1. The doors to the Siena will surely be locked within 60 days and we RE Reno, LLC investors will NEVER get any of their money back. Neither will RE Loans.

    What's truly amazing is that Barney paid himself twice as much per month as the total of the monthly interest payments due us.

    If he and his father don't end up in jail there is no justice in this world!

  2. NAH, the BK proceedings just had a change of venue to NV approved, so it will take a bit longer. Besides, the hotel/restaurant component of the project is holding its own for the time being.

    But have to agree that RE Reno LLC (not to be confused with the respected if obscure investors are SOL. Did the Barnster happen to omit the detail that he was going to be skimming more than half a mil a month of casino proceeds from the prospectus? If anyone has a copy of the original RE Reno prospectus, email it to and it may find its way to the local media and law enforcement. Reno City Attorney is now copied on all court filings is building some sort of case. And yes, eabo stands for Eat A Big One.