💰 Lakeside Inn and Casino in Tahoe closed after PPP loan denial - Sacramento Business Journal

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Closure Updates | Lakeside Inn and Casino
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Hotel-casinos, non-essential businesses ordered to close

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Lakeside Inn and Casino on the South Shore of Lake Tahoe will not be all casinos to close in order to prevent the spread of coronavirus.


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Seating will be configured to allow for appropriate social distancing, the casino will close nightly for a deep cleaning and sanitation, and the.


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STATELINE, Nev. — Lakeside Inn and Casino on the South Shore of Lake Tahoe announced Tuesday that it won't reopen after the coronavirus.


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The property won't resume operations once the COVID crisis improves, and the closure announced Tuesday includes all areas of the.


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Vegas casinos, businesses close down amid coronavirus concerns

Under its 7 a loan program, the SBA excludes businesses that generate more than a third of their income from gambling. She said most of the employees had been at the casino for years or decades. Emergency loan demand outpaces lenders' abilities. According to the Las Vegas Sun , Lee said she thought the gambling exclusion was likely just cut and pasted from the stimulus package. Getting the PPP loan was the only way the casino could afford to maintain its property until it could reopen at some unknown point in the future. Nevada Gov. Please Sign In and use this article's on page print button to print this article. Noyes said the property, which includes a room hotel, will go up for sale. Apr 17, , pm PDT. Wells shifts into PPP damage control as program runs out of money.{/INSERTKEYS}{/PARAGRAPH} {PARAGRAPH}{INSERTKEYS}The last independently owned casino at Lake Tahoe closed this week, after it was denied the federal assistance it needed to keep operating. Related Content. Thinking this was an oversight, gaming industry advocates and members of the Nevada congressional delegation urged the SBA and Treasury Department to change the policy. Earlier this month, the Treasury Department and Small Business Administration rolled out the PPP to help small businesses that were impacted by the outbreak. Lakeside Inn President Stacy Noyes said the casino was forced to close after it was denied a loan under the Paycheck Protection Program, which it wanted to use to keep its employees on the payroll. Loans made under the PPP may be forgiven, and essentially converted into grants, if they are mostly used to keep employees on payroll and other conditions of the program are met. The Lakeside Inn opened in and was planning to celebrate its 35th anniversary next month. Noyes said the casino furloughed most of its employees, but kept around 50 on staff, cleaning, shampooing carpets, upgrading the sound system and preparing the casino for when it would reopen, under the impression that all businesses with employees or fewer would be eligible for the PPP. However, in a news conference Monday, Mnuchin seemed to affirm that the language excluding casinos was intentional. So Noyes was surprised to see, when the fine print was finally released, that language barring casinos from getting loans was still in the PPP. The new guidance changed the threshold.