Caesars, VICI Properties Close $42M Sale of Historic Reno Hotel
- Oct 01, 2020
Caesars Entertainment and VICI Properties have completed the $41.5 million sale of Harrah’s Reno Hotel and Casino in downtown Reno, Nevada. Following a sale agreement signed this year in January, CAI Investments is now the new owner of Harrah’s Reno. The buyer has previously revealed plans to convert the building at 219 N. Center St. into a mixed-use property dubbed Reno City Center.
In March of this year, Caesars announced the permanent shuttering of the historic 928-key hotel-casino after 83 years of operation. According to the Reno Gazette Journal, 471 employees were let go, with layoffs to become effective after August 1. While conversion plans were already in place in January, the terms of the sale agreement stated that Caesars would continue to operate the property upon closing. Based on a short-term lease signed with CAI Investments, Caesars was to cease operations in the second half of 2020, but COVID-19 threw a wrench in the parties’ initial plans.
Reno City Center is slated to be a strictly non-gaming facility, as the developer plans to add much-needed housing, office and retail space to downtown Reno, the Reno Gazette Journal revealed.
The reimagined project is expected to feature more than 500 market-rate apartments, 150,000 square feet of office and 78,500 square feet of retail space. Restaurants, a coffee shop, a bar and a grocery store are among planned additions, as well as a gym and entertainment options in a park-like setting.