Sunday, June 27, 1999 | 9:33 a.m.
Ormsby House officials said a deal with Riverside, Calif., developer Tom Day fell through Thursday.
Day, the lone bidder at a May 26 public auction of the hotel-casino, said he withdrew his $4.2 million offer because of difficulties with a representative of a New York-based lending company.
Owners of the resort said they now must decide whether to sell or try to increase the value of the landmark.
Ormsby House general manager Bob Cashell said the 290 employees are having a difficult time with the uncertainty.
But he said he doesn't foresee a closure and Fourth of July fireworks celebrations will go on as scheduled.
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