pacomartin
pacomartin
Joined: Jan 14, 2010
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July 12th, 2010 at 10:08:34 AM permalink
Siena made less than $12 million in gaming revenue last year, which would put it below Hooter's Las Vegas ($12m-$36m category).

Thu Jun 24, 5:30 am ET
Siena & OnSite Partnership Successful as Iconic Property Increases Business -

Reno, NV (PRWEB) June 24, 2010 -- Siena Hotel Casino Spa, a proud member of Reno’s hospitality community since 2001, today releases an official statement outlining the property’s financial standing and state of operations amid recent concerns over tax and other debts. Siena has successfully reached an agreement with the Reno-Sparks Convention & Visitors Authority (RSCVA) to responsibly, and in good-faith, settle any and all outstanding fees and taxes owed to the organization. Siena understands that other similar claims may arise as the turnaround continues and will address each of them with the utmost of urgency, transparency and speed to resolve.

During the past 8 months, Siena Hotel Casino Spa, in partnership with Los Angeles -based operations consultancy OnSite Consulting, has been working diligently to successfully run the property, while also returning it to financial and operational solvency. During this time, Siena Hotel Casino Spa has taken extraordinary steps to meet all obligations, especially as it concerns its dedicated colleagues. In doing so, Siena continues to directly engage hundreds of issues which, to-date, have translated into millions of dollars of expenses and commitments it intends to resolve.

Solidifying Siena’s continued operation and ability to meet financial responsibilities is the recent procurement of primary funding which will allow the property to continue operations and negotiate and settle any debt obligations.

“We have done everything in our power to assure that we maintain the best hospitality experience at Siena, while also attempting to recover from the consequences of unknowingly operating faulty and untested gaming hardware originally provided and sold to Siena from vendor IGT” says Siena Hotel Casino Spa Owner Barney Ng. “Over the last few months, and in conjunction with hospitality turnaround experts OnSite, we have managed to not only resolve many issues stemming from this unfair incident, but have also improved the quality of Siena. We are serious about meeting all financial obligations and remaining a vibrant part of this community.”

Siena Hotel Casino Spa, has made significant improvements to its hotel product, amenities and the gaming floor to further improve the guest experience. Financial and operational improvements include debt restructuring, market repositioning and future financing that will assure the property’s successful future. Siena continues to see positive signs of growth, especially among its competitive set, and particularly with leisure and corporate business segments and FIT visitors showing strong performance in the past two quarters.

For more information on the Siena Hotel Spa Casino please visit www.sienareno.net or call 877-SIENA-33.

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