Wednesday, March 19, 1997 | 11:59 a.m.
Under an agreement with regulators enabling the local landmark's casino to stay open, owner Barry Silverton put his interest in a trust and turned the operation over to manager Bruce Dewing.
According to profit and loss statements filed with the federal bankruptcy court in Reno, the Ormsby House had $9.9 million in revenues last year - but nearly $14.3 million in expenses. That meant a net loss of nearly $4.8 million for the year.
And the income statement for January 1997 also showed a loss: $452,764 for the month.
The casino itself produced a profit during 1996, mainly from slot machines. Table games brought in $889,521, but most of that was eaten up by labor costs. Net profit from the tables was just $10,519.
Slot machine revenues totaled $5.3 million with just $626,336 in labor costs. After other deductions, slots netted $3.5 million for 1996.
The hotel and its restaurants were in the red all year. Rooms lost $189,667 and the resort's different food services lost $1.6 million.
All the losses were before the cost of administration and operations, maintenance, advertising and other expenses such as insurance, loan interest and taxes.
The biggest expense was labor - nearly $6.4 million for the year. Direct expenses for the cost of food, beverages and other items came to $3.8 million.
The records also show Silverton and his managers put $2.7 million in capital expenditures into the Ormsby House, mostly into remodeling and upgrading of the resort.
The documents estimate total assets of the club at $18.5 million. That includes an estimated market value of $10.4 million for the hotel-casino and another $3.7 million for its parking garage. Liabilities total $15 million.
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