L.A. developer buys Reno casino

The unidentified developer was represented by Reno architect Peter Wilday at an auction Friday of the closed resort.

He was the lone bidder among about two dozen people who attended the auction. His bid of $2.5 million was the minimum allowed.

"This guy took the first step," Wilday said. "I'm confident (he has) the capability to do what needs to be done to rivitalize this property."

Plans call for the property to remain a hotel-casino, with the casino-level floor transformed into restaurants overlooking the Truckee River and casino space added in existing parking areas.

Wilday estimated the upgrade and renovation would cost at least $12 million.

The Holiday, which closed Nov. 1, is one of six downtown Reno casinos to shut down in the last four years.

Leonard McIntosh of Hailey, Idaho, who co-owns the Holiday with Al Ferrari of Cordelia, Calif., said he was confident the deal would go through.

The developer will acquire the 194-room property if the deal closes as expected within 30 days.

McIntosh and Ferrari have owned the property for nearly 29 years and unsuccessfully tried to sell it before Friday's auction.

"They made a great buy," McIntosh said, noting the property was appraised at $6 million.

Auctioneer Peter Stremmel was surprised by the lack of other offers, saying he thought the Holiday would sell for at least $3.7 million based on discussions with prospective bidders.

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