Silver Legacy Resort Casino fails to restructure its debt

THE ASSOCIATED PRESS

February 18, 2012 - 2:03 am

RENO -- The Silver Legacy Resort Casino, one of northern Nevada's largest resorts, has failed in an attempt to restructure its debt.

According to filings made this week with the Securities and Exchange Commission, the Reno property failed in an attempt to restructure $142.8 million in mortgage notes due March 1 through a public offering.

Circus and Eldorado Joint Venture, owner of the 1,700-room hotel-casino, says the partnership is pursuing other financing sources related to its initial SEC filing on Feb. 6 to restructure its debt.

According to its auditor, the resort could face possible foreclosure or seek bankruptcy protection.

The Reno Gazette-Journal reports Moody's Investors Service on Tuesday downgraded the partnership's corporate family and probability of default ratings after concluding it won't be able to repay its mortgage notes by March 1.

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