Siena nears return after fast renovation

The new owners of the Siena Hotel Spa Casino believe they're setting a record in the gaming industry for fastest hotel-casino opening, says Jay Meilstrup, general manager of the downtown Reno property.

The new owners of the Siena Meilstrup and three others purchased the property for $3.9 million in a bankruptcy auction on Nov. 10 and took possession of the riverfront hotel and casino on Dec. 3.

Despite a multi-million dollar renovation of the entire property, including 184 rooms and 30 suites, casino floor, spa and restaurants, the owners plan on having everything but the gaming component open to the public on April 12. Meilstrup hopes to have gaming at the property approved by the Nevada Gaming Commission on April 21.

"The time frames have been unrealistic," says Meilstrup, who started his career in gaming at the Harold's Club in the early 1980s and has since opened and managed casino properties around the world. "A typical casino purchase takes six to 18 months, and we bought this in a week. Normally there is a transition period, which is about nine months, and we are opening up in four months. It probably will be the fastest casino opening in the history of gaming."

The new owners hope to reposition the Siena as an upscale boutique casino that caters to more refined visitors. The ownership group, Grand Siena LLC, is ditching the property's long-standing old-world Italian themes for a more contemporary look and feel. Frank Lepori Construction is general contractor on the hotel renovations.

"There is no question there is a void in Nevada for a very upscale casino," Meilstrup says. "Everything is going to be very comfortable we are not going to be pursuing any all-night clubs. It is going to be for a more mature, sophisticated customer.

"We know that group is not directly marketed in the market today through a property level," he adds. "There are a number of other properties that do a very good job, but we are go to focus on people where dining and the spa is a very important part of the experience and have a more intimate experience with the customer rather than try to mass market a huge inventory of the hotel rooms."

Meilstrup says that bankruptcy court cleared the property of all past encumbrances, and Grand Siena LLC can move forward with its plans with a clean slate and free of debt.

"Given the state of the economy in 2011, not having debt is very important," Meilstrup says.

Meilstrup notes that city and county government officials were eager to see the property reopen and hastened redevelopment efforts at the property on Lake Street at the Truckee River.

"Everybody realized that it was essential not to have a dead property sitting right on the river," Meilstrup says.

Steve Polikalas, president of the Downtown Reno Improvement Association, says that the reopening of the Siena is tremendously important to the vitality of downtown Reno and surrounding areas.

"It is good for the tax rolls, good for downtown and good for the city," Polikalas says. "It is not good to have a dark property in such a vital piece of our downtown. It is a great launching spot for the baseball stadium, and it is a reopening that cannot be overstated.

"I think they will be back online prior to the summer, and that is an accomplishment that has got to be applauded," Polikalas adds.

The Siena last week had two extremely well-attended job fairs in which thousands sought 350 to 400 various staff positions throughout the property. Meilstrup says a number of ex-Siena employees expressed their desire for re-employment, but by starting out fresh the property also can train its new workforce in the higher levels of customer service that the new owners feels are appropriate to a more upscale establishment.

"Anyone in the community can be involved with our operation as long as they are committed to bringing higher levels of customer service than the community is used to," Meilstrup says.