Visitreno

[RenoLady]

I read that no one showed up for the minimal bid of 15 million on the Nevada portion of this hotel. Wow, I would have thought they would have come pouring in! Sitting on the lake, all that history....

[mommy2boys]

I would have been there, but I spent my 15 million in the casion earlier.

Erin

[john]

I bid 14.5, but it wasn't high enough. Maybe I was

[remano]

I would expect that one problem is that foreclosure purchases have to be paid in cash right away. There's no opportunity to negotiate for financing and repayment terms unless it's lined up in advance. But lenders don't want to go through all the trouble and expense of setting up a loan when it's only for a bid at an auction that might or might not be successful, so advance arrangements are just about impossible too, especially in this economy. The result is no bidders.

In an article in the RGJ the lender says it has no plans to close the Cal Neva. They probably feel they will have a better chance eventually to market the place as a going concern than as a shuttered building.

[hawk]

i OFFERED 17.5 but it was conditioned on making the place non-smoking. They turned me down cause they can't clear out the 50 year old smoke damage.

[BC Dave]

Hawk, it would be just wrong to clear away all that old grime. Some of that came from Ole Blue eyes, Deano and Sammy, just to mention a few. I offered $17.51 but they wouldn't take my lottery ticket as collateral.

[CaSwede]

At least they are going to stay open. Now that they got the auction formality out of the way, they can now negotiate terms and price with possible buyers. I have a feeling that there are plenty of interested potential buyers out there. A multi story building on the Lake for sale is very rare. Throw in all that history and a casino makes it very desirable.

[hawk]

Ah, yes, BCD!
And don't forget the scent of MM in the cabins. And didn't JFK supposedly also meet her there?

[BC Dave]

Those walls might just have to be power washed!