Siena Hotel files for Bankruptcy

Page Last Updated: Friday July 23, 2010 9:54am PDT

The Siena Hotel Casino filed for Chapter 11 Bankruptcy protection late Wednesday in a Northern California court. According to Gaming Commissioner Randolph Townsend, the filing puts the upscale casino's creditors on hold and allows the doors to stay open, so they can reorganize their debt.

Prior to that filing, state gaming regulators were expected to examine whether the Siena should lose its gaming license. The Siena has been several months behind on its gaming taxes, has repeatedly been unable to meet its minimum bankroll (the money required to keep on hand to cover jackpots) in recent months, and was behind on other state taxes, county property taxes, RSCVA room taxes, payments to NV Energy, and the casino's employees were even dropped from their health coverage because the Siena didn't pay.

If the commission had decided to pull the Siena's gaming license Thursday, more than 300 employees would have been out of work.

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