Silver Legacy Parent Files Ch. 11

The parent company of the Silver Legacy Resort Casino in Reno, Nev., filed for Chapter 11 bankruptcy protection May 17 against creditors as it restructures $142.8 million in debt.

Circus and Eldorado Joint Venture CEO Gary Carano said the filing won’t affect operations at the 1,700-room facility because the business maintains a positive cash flow and the property’s largest bondholder has agreed to continue negotiations through June 1.

The $350 million, 35-story resort with a 19th-century silver mining theme opened in 1995. Competition from Native American casinos along with the recession are said to be factors leading to the restructuring.