Coyote TV - High Desert Advocate

   

The Red Garter Casino slated for closing next month could be in foreclosure according to a website that deals in the sale of such property.
    As late as last week the Red Garter Casino was listed as a property facing foreclosure on Loopnet a real estate site that among other services lists distressed commercial properties up for sale.
    This week however the listing was removed. Workers at West Wendover casino were given official warning last month that the casino would be closed in March if a buyer cannot be found and with about 30 left and no deal announced, the 150 employees are becoming anxious that they will suffer the same fate as those of other Holder properties- unemployment.
    Some 13 casinos make up the Holder chain in northern Nevada. In January, the company closed the Silver Club in Sparks and just this week holder Hospitality shut the doors of Manny & Moe’s in Ferneley.
    According to Wikipedia foreclosure is commonly as the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that “the lender has foreclosed its mortgage or lien”. If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment.
    While potential buyers of the property could be frightened off if the Red Garter is in danger of foreclosure the process could actually keep the casino open if it reverts back to its previous owners Jack and Marcy Simon.
    Unencumbered by having to keep the rest of the flagging Holder properties afloat the new/old owners may have the wherewithal to keep the Wendover property running.
    Holder purchased the Red Garter, Stockmen’s and the Commercial in 2004 from the Full House Corporation owned by Jack and Marcy Simon. The three properties made up the 7th, 8th and 9th of the  Holder group and since their purchase another four have been added to the company.
    In the four years since their purchase, the new owners made very little if any changes on the Elko County properties except for an expansion of guest workers.
    Last year, the Garter as well as the Silver Club were put up for sale on the open market if in a year no deal could be made it becomes harder to imagine one will be made in 30 days.
   “I really wish that they are successful in finding a new buyer,” said West Wendover Mayor  Donnie Andersen at the time the notice was first released. “I am very concerned for the Red Garter workers and the loss of 150 jobs will be very painful for Wendover.”