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Sparks casino building faces foreclosure, auction

Page Last Updated: Friday November 27, 2009 3:45pm PST

SPARKS, Nev. (AP) -- The former Silver Club casino building in Sparks will be auctioned off Dec. 23 after a foreclosure notice was issued for it.

Holder Hospitality Group spokesman Tom Clark says the company agreed to go forward with the foreclosure of the property as part of the Chapter 11 bankruptcy reorganization process. The building is now owned by the bank.

Holder has been seeking a buyer for the building since April, when it was listed for $15 million. The Silver Club's closure in January was blamed on the recession.

Northern Nevada Asset Holdings LLC issued the foreclosure notice, claiming that Holder still owes on a $33 million defaulted loan note.

The foreclosure affects the main casino building as well as its furniture and fixtures.
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(Copyright 2009 by The Associated Press. All Rights Reserved.)

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