Reno casino to close

Wednesday, July 25, 2001 | 10:28 a.m.

MTR Gaming Group, operator of casinos in North Las Vegas and Reno, said it's closing its money-losing Reno casino.

The company, based in Chester, W.Va., said its Speakeasy casino and an associated restaurant in Reno will close -- but the property's hotel will remain open.

Some 60 workers will be laid off, while about 40 hotel jobs will be preserved. The operation lost about $800,000 in the first quarter, MTR said.

MTR said a municipal events center is proposed for a site across the street from the property and could affect its future.

"We will continue to pursue the feasibility of reducing our capital investment in the Reno property by selling the hotel to a time-share developer and retaining the right to operate the casino," MTR Chief Executive Edson Arneault said in a statement.

"If we determine that the reduced capital investment, captive clientele generated by a successful time-share program and foot traffic created by a new events center could reasonably produce profitable casino operations, we would evaluate reopening the casino. We would also consider an outright sale of the property."

In North Las Vegas, MTR operates the Ramada Inn and Speedway Casino.

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