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The Silver Club Casino in Sparks, Nevada, suffered more than most of Nevada’s gaming establishments from the decline in the state’s gambling and tourist revenues. Unlike many of the glitzy megaresorts on the Las Vegas Strip, the small casino near Reno was forced to shut its doors last January and struggled to maintain its state gaming license by staying open for eight hours every three months with only one slot machine and one blackjack table open during the day.

The local landmark was sold at auction on the steps of the Washoe County Courthouse in Reno this week. Northern Nevada Asset Holdings, based in Colorado Springs, Colorado, was the sole bidder on the property at US$2.5 million. The company has also recently purchased other casinos that have undergone bankruptcy proceedings, including those formerly owned by Holder Hospitality Group, which operated several casinos in the Reno and Lake Tahoe areas. When officials with Holder filed for Chapter Eleven bankruptcy last summer, Northern Nevada bought the notes on the properties at an estimated US$33 million.

The other casino properties that Northern Nevada acquired in the purchase included Stockmen’s Casino Hotel and the Commercial Casino, both in Elko, Nevada, along with the El Capitan Casino in Hawthorne and the Scoreboard Casino in Spring Creek. All of these smaller facilities generate most of their revenue from local residents rather than the tourists that flock to Reno, Lake Tahoe or Las Vegas.

Executives with Northern Nevada stated that they would work with 777 Gaming, a casino operations company, to run their new properties, including Silver Club. Rory Bedore, founder of 777 Gaming, told reporters that he expected to reopen Silver Club in April 2010 on a limited schedule. Mr. Bedore said that he wanted to have a small bar, a reduced-menu restaurant and up to one hundred fifty slot machines and video poker games up and running when the casino opens its doors next spring.