Casinos: Reno Casino Files for bankruptcy

July 24, 2010

These are harsh economic times indeed and it would seem that the gambling industry and online casino are also suffering the downturns.

This week, the Siena casino in Reno has declared bankruptcy because of tax evasion issues and a lack of funds. The Nevada gambling commission wanted to suspend the casino’s gambling license but since it filed for bankruptcy and now has bankruptcy protection it is still able to operate but its operations are now heavily regulated. The casino owes $153,000 in taxes and has until the first Thursday in July to make good on these taxes.

Since the casino has filed for bankruptcy they are now under federal jurisdiction. The casino faces many more problems other than just the $153,000 owed in gambling taxes. They also owe $140,000 in taxes for their 215 room hotel and they could lose their housing license if they are unable to pay it off by the end of the year. They have also been forced to lay off 35 workers.

They also owe the NV electric company a ton of money totaling $400,000. They have setup a payment plan with them that requires payments of $50,000 every two weeks. All this unpaid debt is turning out to be a huge liability to the casino. The owner has expressed his wishes in hoping that the casino can survive under these rough times.

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