The Siena Hotel Spa Casino in downtown Reno has received a notice of default and threat of a foreclosure sale. The resort's Lafayette, Calif.-based lender, Bar-K Inc., filed the notice on Dec. 11, citing an original loan of $50 million.
In a statement, the Siena said it "has not remained insulated" from the ailing economy.
But it said "comprehensive reorganizational efforts" are under way that will prevent the need for foreclosure. In August, the Siena terminated all of its 18 full-time dealers and other part-time dealers, and converted much of its casino floor into a nightclub-style entertainment center. The $70 million Siena open in July 2001 at the site of the old Holiday Hotel Casino along the Truckee River.