Sands...Terribles..Bankrupt

I was in Vegas last week and it was in the newspaper that Terribles (Herbst) has gone bankrupt, but still keeps their slot route...Does that mean that The Sands in Reno will be closing, as I believe that Terribles owns the hotel/casino....and probably many other businesses (gas stations, car washes, etc)...

Sands...Terribles..Bankrupt

The Herbst family is in WAY too much debt and will lose their casinos to the banks. However, the casino will stay open and continue to operate.

Sands...Terribles..Bankrupt

Just like Fitzgerald%26#39;s :)

Nope....not like Fitzgeralds.

So, banks will own The Sands, casino will stay open...How does that work? Will the hotel still take guests? Didn%26#39;t understand the comment about Fitzgeralds...just seems like this flys in the face of those who continue to say that Reno is on the rebound....

I don%26#39;t necessarily agree, jungle, because for every Sands there is a hotel/casino improving and renovating (Atlantis, Peppermill, Grand Sierra as examples). No one is denying the economy situation hasn%26#39;t hit Reno, but I just don%26#39;t think it%26#39;s the gloom and doom that some on this forum interpret it to be.

By the way, I walked through the Atlantis yesterday in the early afternoon coming back from the Convention Center (the walkway is now completed) and it was hopping in there! Very nice to see.

The Herbst gaming company filed for bankruptcy protection on its 15 properties. The main investment mistake came when it bought three casinos in Primm. The bank that has loaned all the money is owed close to a billion dollars. They take over, the same management is in place, and things continue to run.

I, however, am friends with upper management at the Sands and have been told that business will go on as usual.

For now there should be no change in operations. Terrible%26#39;s also owns Rail City and Gold Ranch in the Reno area. Who knows what the long term future holds for The Sands?

There are several other casinos operating under bankrupcy protection, and by walking in to the place, you would never know it. The Horizon and MontBleu at Lake Tahoe have been operating this way for over a year.

So did Fitgerald%26#39;s :)

I would hope Sands will be able to stay open and run business as usual. Many casinos have done so. But one has to worry about another bankrupt casino in Reno beings the trend is that they seem to be closing and becoming condominiums. It%26#39;s not really being negative..it%26#39;s a fact. We all have had our favorites, particularly us who had been coming to Reno for over 20 years and have watched casinos one by one closed down. It is so sad because we love Reno. Sands is one of the last of the favorites left. So we do hope that something good will happen for that casino and it won%26#39;t go on the chopping block...by the way when we were coming to Reno still on a regular basis and business was starting to decline downtown due to the influx of Indian Casinos in CA and other reasons we were amazed how Peppermill and Atlantis were still going strong. And according to this post it is still going that way. Their marketing must be unbelievable and it%26#39;s a testament to the casinos customer service..glad to hear it.