On August 6, 1990, the bankruptcy hearing failed to attract a buyer for the Landmark. Ralph Engelstad and Charles Frias, who both held substantial interest in the resort, had made $100,000 deposits which allowed them to bid at the hearing, but they did not do so and left the hearing without commenting. Droubay and Heckmaster were ineligible to bid as they did not make a deposit. At the request of Davis' attorney, a U.S. bankruptcy judge granted permission to close the Landmark. Gaming operations began shutting down that afternoon, within an hour of the failed hearing. Slot machine and hotel operations were scheduled to shut down later in the week. With 498 rooms at the time, the Landmark was unable to compete with new megaresorts, and was fully closed on August 8, 1990.