Owner of longtime Reno restaurant says Jacobs will continue to operate Gold ‘N Silver as a restaurant.
Reno’s Gold ‘N Silver Inn will carry on despite its former owner’s plan to retire.
Jeffry Paine confirmed that he plans to step down after April 30, more than three decades after he took over the restaurant.
“March 15th will be 35 years for me,” Paine said. “I’m done.”
Paine first confirmed his plans to retire in an interview with the Reno Gazette Journal in December. At the time, Paine said Jacobs Entertainment exercised its option to take control of the property one year after Jacobs bought the Gold N’ Silver Inn.
Paine also mentioned the transition for the Gold ‘N Silver Inn in a Facebook post on Thursday evening.
Jacobs Entertainment bought the Gold ‘N Silver Inn on Jan. 31, 2023, via subsidiary Reno Property Management LLC.
According to Paine, Jacobs Entertainment CEO Jeff Jacobs personally informed him in the fall about the company’s plan to take over the property. Both agreed to have Paine stay until April 30, with Jacobs Entertainment taking over on May 1.
Paine was surprised, however, at Jacobs’ response when he asked about the disposition of the property.
“(Jacobs) kind of gave me a funny look and said, ‘Well, we’re just going to transition,’” Paine said.
“I said, ‘transition?’ And he said, ‘Yeah, we’re just going to keep things as they are.’”
The decision came as a surprise to Paine because Jacobs Entertainment had previously demolished several older properties it acquired in downtown Reno’s West Fourth Street corridor. Jacobs Entertainment, which transformed the Sands Regency into the J Resort hotel-casino, had been acquiring properties as part of its Neon Line District project.
Jacobs also indicated that he plans to keep the menu as is, and keep the employees who want to stay.
“I said, ‘Well, wow, you just made my customers really happy and you’ve made me very happy,” Paine said.
Jacobs Entertainment plans to exercise its option at the end of January so the agreement is just verbal at this point, Paine said. A spokesperson for Jacobs confirmed that it plans to keep things as they are for the Gold ‘N Silver Inn.
While leaving the Gold ‘N Silver Inn is bittersweet, Paine also added that he is not getting any younger and wants to enjoy retirement.
“It’s time,” Paine said. “I’m ready.”