Breaking News

Walter gets sentenced to 5 years of probation.

Kelly sentenced to 18 months in prison.

Sound off.

RE LOANS FILES FOR BANKRUPTCY PROTECTION

RE Loans filed for bankruptcy.  While this was inevitable, no doubt, it’s still a shock to the system.  Despite the fact that it’s our money, our lives and our futures, the real bankrupt entity is the Ng Family Dynasty.  They’re morally bankrupt.  They’re ethically bankrupt.  Yet they’re still out there doing business and tricking more suckers like us out of their hard-earned savings.

Maybe Led Zepplin said it best in “When the levee breaks”

If it keeps on rainin’, levee’s goin’ to break,
When The Levee Breaks I’ll have no place to stay.
Mean old levee taught me to weep and moan,
Got what it takes to make a mountain man leave his home

Equitatus posted the following a few minutes ago: Continue reading

**BREAKING NEWS** SIENA HOTEL SHUTTERED

Inside sources report that the Siena will close at noon today. 

This page will be updated as the story unfolds.

Per a document filed by Hi-Five’s attorneys yesterday:


“…liquidity constraints have required that the Debtors shutdown their hotel operation until adequate operating capital can be obtained. The Debtors intend to complete their current negotiations no later than October 29, 2010, at which time they will either seek Court approval of a transaction that will provide for the reopening of the casino or reposition the Cases consistent with a longterm shut down of the business and the marketing and sale of the real estate asset. Consistent with this  repositioning, the Debtors hereby withdraw certain of the motions and applications currently set for hearing on October 21, 2010.

“On October 8, 2010, the Debtors were faced with a serious liquidity crisis precipitated by their inability to pay current invoices due to NV Energy with respect to their utility services. The Debtors considered a full shutdown of the Siena at that time. However, several investors remained interested in financing the property’s operations, even on a very compressed timeframe. Accordingly, in order to allow these negotiations to further develop, the Debtors took the interim step of closing the gaming floor at the Siena, thereby eliminating their
minimum bankroll requirement and freeing up cash to pay various operating expenses, including outstanding utility bills, Nevada gaming taxes, and certain insurance premiums.  This drastic step provided the company and Innovation with additional time to continue dialog with three interested investors. While one of those parties declined to go forward for reasons unrelated to the Siena, two others have remained in active negotiations with the Debtors and their advisors. However, due in part to the loss of revenue precipitated by the closing of the gaming floor, the Debtors have quite simply run out of time and money. As of October 20, 2010, they concluded that they are unable to continue to fund operations while these negotiations play out, and the Siena is currently in the process of being shutdown on at least an interim basis.”

We will keep you posted on all further developments.

Links Galore:

Reno Gazette Journal
Channel 4
Channel 2
KOLO TV
Las Vegas Sun
Siena’s own website
Letter To Siena Employees
REreno blog

PHOTOS:

Siena BK Venue Change Confirmed

The latest filing from Barney’s attorneys lists the following:


Hearing
DATE: October 21, 2010
TIME: 11:00 a.m.
PLACE: 300 Booth Street, Courtroom 3
Reno, NV 89509

The judge is the Honorable Gregg W. Zive .  Zive is also handling the Station Casinos BK.


The venue change is good news.  It takes the filing out of Barney’s backyard and moves it to Reno, the location of the Siena.  If you happen to be in Reno on the 21st, please drop on by 300 Booth Street, Courtroom 3.  It should be rather interesting.

Here’s the meat of the filing, which was filed in response to the objections raised by Konami Gaming:

Konami, who had not previously raised concerns with respect to the Lease Motion and therefore was not a party to the Stipulation, filed an objection to the Lease Motion. The Debtors submit that Konami’s objections and concerns have been addressed in full by the Stipulation except for Konami’s unfounded request that it be insulated from potential disgorgement of post-petition payments it receives from the Debtors in the event that Wild Game ultimately lacks the funds necessary to pay One South on account of the administrative claim granted to it under the Stipulation.

 The Debtors submit that the issue of disgorgement is premature since the Stipulation merely
alleviates Wild Game from having to make full Contract Rent (as that term is defined in the
Stipulation) payments for a limited period of time , thereby allowing Wild Game to pay trade creditors and contract parties such as Konami, and the Stipulation otherwise reserves the
rights of parties-in-interest and establishes a framework for the intercompany claims between
Wild Game and One South to be resolved at a later date.

CONCLUSION

WHEREFORE, based on the foregoing, the Debtors respectfully ask that this Court grant the Lease Motion with the modifications as reflected in the Stipulation.

 Our conclusion?  Let’s see how Zive rules on this issue, as well as the $4,000/month payments to Matthew Kelly.  The half a million a month payments from Wild Game Ng to One South Lake would be sliced to a “mere” $11,000, but one thing is clear – Barney still wants to be paid by Barney.

Please feel free to share your thoughts and opinions in the comments section below.

Siena GM Clyde Callicott: "The staff and management of the Siena have made a major commitment to you."

The August 2, 2010 Siena Newsletter from Mr. Callicott speaks of such good things to come.  Do you remember all the way back in August when the Siena was on top of the world?  Yeah, neither do we.  Clyde teases us with this statement:  “We a few (sic) new surprises this time just to shake things up a bit.”  Who knew that meant they would stop allowing gambling at the casino?

Perhaps the Nevada AG should investigate this sentence:  “Everyone is a guaranteed winner.”  We’re not winners on this deal.  Are you?

Callicott ends by saying, “See you on the floor,” but fails to alert us to the fact that the table games will be gone, the slots will be unplugged and the gambling floor will be walled off two short months later.  Details, details….

 Message from the Siena General Manager – Clyde Callicott

Another Reno Summer is whizzing by at the Siena and the action is getting even hotter. We a few new surprises this time just to shake things up a bit. Let’s start with tournaments. Not only do we have $2K Open Slot Tournaments, now on it’s new day Tuesdays from 12vnoon to 8PM where you could win your share of $2000.00 in cash and prizes, we’ve added a new tournament, The Siena $1000 Free Video Poker Tournament, Saturdays from 12noon to 3PM . For River Club card member we are rolling out the Red Carpet as we host special “Guest Appreciation Days”.

On Monday’s all River card Members will receive 2X points for their Slot, Video Poker and Keno play as well as 2 for 1 lunch specials and 50% off all drink prices from 6PM to 9PM.

On Thursday join us for the all new Ladies Night – All Day !! All female River Card members will receive 2X points and 50% off drinks from 6PM to 9PM and that’s not all, all Female River Card members will also be eligible for a special drawing where they can win their share of $500.00 in cash and Spa packages.

It’s the return of 2 of our more popular promotions, Friday’s in August it’s the Great Point Stacker, where the top 20 point earners for the day win $50.00 in Free Play and on Saturdays The CASH IS KING is back. You could win your share of $1000.00 in cash simply by spinning the Siena Spin to Win Wheel.

Everyone is a guaranteed winner. Drawings every 30 minutes from 4 to 9 PM Spin the wheel of cash for your shot at $1,000 in cold hard cash. And don’t forget that you can now EARN 3X’s MORE FREE PLAY AND MORE VALUABLE COMPS than ever before simply by using your River Club Card.

It’s all about the experience, the guest service, the great food, and fun and exciting entertainment. The staff and management of the Siena have made a major commitment to you. So I ask you again – Don’t you think it’s time to rediscover the Siena?

See you on the floor,

Clyde Callicott, General Manager
One South Lake Street, Reno, NV 775-32-SIENA