The Gold 'N Silver Inn has fed hungry Renoites for 66 years, and news of its sale has rattled longtime customers. It sold to Jacobs Entertainment, the developer working on transforming most of the western part of Downtown Reno.
That has a lot of people wondering about the future of the local favorite. So Jeff Paine, who has owned and operated The Gold 'N Silver for 33 years, agreed to sit down for an interview.
Paine said the agreement allows him to continue running the restaurant until June of 2026, but there's an early termination option after two years. He described the sale as essentially a real estate transaction. So the restaurant is staying open, just with a new landlord.
After two years, though, the fate of the property is much less clear, if Jacobs takes the early termination option. And that will mean a big change for the longtime owner.
"It's been a part of my family since as far back as I can remember," Paine said.
His father owned The Gold 'N Silver before him, buying the property in 1962. He's seen it weather a lot of change: through two expansions, a recession, a pandemic, even a visit from celebrity chef Guy Fieri's "Diners, Drive-Ins and Dives." He credits that visit with an overnight 20 percent boost in customers, at a time when the recession had gutted their business.
Now, as Downtown Reno goes through its own big change:
"I'm ready to say: 'Thank you, Reno, but I'm going to start doing some fun stuff.'"
When Jeff Jacobs of Jacobs Entertainment first approached him, Paine turned him down. But after a few more years, a cancer scare, and the prospect of retirement on the horizon, they worked out a deal.
"I'm very happy with it," Paine said. "I'm looking for an exit strategy for myself, personally, to retire. It's a very good deal for me, and I think [Jacobs] is very happy with it too."
After Paine's lease-back period ends, the future of the property isn't defined in the deal. Paine said Jacobs could keep it and run it exactly as it has been running for the last 66 years. They could expand it out, or they could close it and start fresh.
Jacobs Entertainment has mentioned a smoke-free casino at that site, which already has a gaming license (and is already smoke-free).
Paine said he won't know if the restaurant will close for at least another 18 months, when Jacobs has to notify him of whether he plans to take over an open restaurant, or a closed one.
Although he's made his peace with the decision, it's bittersweet.
"It's going to be hard," Paine said. "I've been getting a lot of sentiments from people, and people like [The Gold 'N Silver]. It's going to be hard if it comes to that. But I guess all things come to an end at some point."
Paine said if Jacobs decides to close The Gold 'N Silver, he has promised to find all his employees new jobs. He said he's already had other restaurant owners reach out to let him know they're interested in his workers.
As for him, he said his first order of business upon retiring will be vacation, and checking a few items off his bucket list.
Paine wrote a detailed post on Facebook about the decision. To read that, click here.
