Holder Nevada Casinos Declare Bankruptcy
Six casinos located in northern Nevada and operated by the Holder Hospitality Group have officially filed for bankruptcy as creditors try to force receivership on the consortium. The casinos were purchased by Harold Holder over the last ten years, as the businessman converted his orange grove millions to gambling venues.
Among the casinos involved are the Commercial Casino and Stockmen's Casino, both in Elko, Scoreboard Casino in Spring Creek, Parker's Model T in Winnemucca, and the El Capitan in Hawthorne. The sixth, the Silver Club in Sparks, is already closed.
A receivership hearing was begun last week after a creditor produced a $33 million note in default. Holder officials hope to avoid loss of control of the company and rearrange debt to allow the casinos to eventually emerge from bankruptcy healthy again.
Times have changed since Dennis Neilander, head of the Nevada Gaming Control Board, praised Holder for invigorating the gaming venues in rural areas of northern Nevada. Holder's personal philosophy seems to indicate the elderly gambling operator expects to bounce back.
"Being broke is a temporary situation. If you take a guy on a street corner, and one guy is poor and the other guy is broke, the broke guy is going to be the one who will be looking to make money," Holder said when he broke into the casino business.
