Restructure Information

A Letter from Our CEO

October 23, 2012

To our Valued Team Members, Players, Guests, Business Partners and Community:

I am very excited to announce that Silver Legacy has reached a settlement with our creditors, and our proposed consensual plan of reorganization (the “Plan”) and settlement agreement were confirmed and approved by the court today. Additionally, we have entered into a commitment letter with Wells Fargo to obtain new financing and look forward to executing the Plan in the upcoming weeks. The Plan received the overwhelming support of our unsecured creditors and noteholders as demonstrated by the votes in favor of the Plan. We are happy to report the Plan provides that vendors will be paid in full and our noteholders will receive a combination of cash from Silver Legacy, our partners and our new credit facility along with new mortgage notes.

We are very pleased and are looking forward to Silver Legacy’s future as a financially stronger company. We have been grateful for the amazing show of support from our Team Members, vendors, players, guests and community throughout our restructuring process. Our Team Members’ loyalty and dedication to Silver Legacy set us apart and helped us continue to provide the best service and experience possible for our players and guests during a challenging period in Silver Legacy’s history. The Carano family and MGM Resorts International have demonstrated their commitment to the Reno community and our 1,800 Team Members throughout this process. This is a great day for Silver Legacy, our Team Members, players, guests, business partners and the Reno community! The Plan affirms there will be no changes to Silver Legacy’s operations, management team or partnership structure. We remain as committed as ever to providing the same great value, exceptional service and extraordinary experience for our guests and players.

Again, we want to take this opportunity to thank all of you for your overwhelming support and friendship over the last six months and your loyalty to Silver Legacy as we worked through our reorganization process. I can assure you Silver Legacy remains the best place to play and stay, and we will work even harder to show our gratitude and exceed your expectations every time you visit. Thank you again and we look forward to seeing you soon!



Gary Carano Signature

Gary Carano
Chief Executive Officer


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