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Business
Nov. 28, 2009
Copyright © Las Vegas Review-Journal

Silver Club casino in Sparks to go up for auction

THE ASSOCIATED PRESS

SPARKS -- The shuttered Silver Club casino in Sparks will go up for auction Dec. 23 after a foreclosure notice was issued.

Holder Hospitality Group spokesman Tom Clark said the company agreed to proceed with the property's foreclosure as part of the Chapter 11 bankruptcy reorganization.

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    • Six Northern Nevada casinos controlled by businessman Hal Holder Sr. made the Chapter 11 filing in June, heading off efforts to get a court-appointed receiver to take over the club.

    Holder has been seeking a buyer for the Silver Club since April, when it was listed for $15 million. The casino'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.

    The federal bankruptcy court filings by the six Holder properties, including the shut-down Silver Club, automatically stayed a Washoe County District Court order appointing a receiver sought by Northern Nevada Asset Holdings.

    The other properties are the Commercial Casino and Stockmen's Casino in Elko, Scoreboard Casino in Spring Creek, the El Capitan in Hawthorne and Parker's Model T Casino in Winnemucca. They remain open.

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