Caesars, VICI to Sell Reno Hotel
- Jan 16, 2020
Caesars Entertainment Corp. and VICI Properties have signed an agreement to sell Harrah’s Reno Hotel and Casino to an affiliate of CAI Investments for $50 million. Caesars will receive 25 percent of the proceeds, while VICI will get 75 percent.
Caesars will continue to operate the hotel in Reno, Nev., under a short-term lease with the new owner, which will allow the company to end operations at the property during the second half of this year. At the end of the term, the former owner will deliver the asset to the buyer, which will develop it into a mixed-use project. Gryphon Private Wealth Management will act as CAI’s capital partner for the redevelopment.
Located at 219 N. Center St., in downtown Reno, the property is half a mile from Interstate 80 and within walking distance of the Amtrak station. Reno-Tahoe International Airport is within 4 miles of the hotel.
The agreement comes a few months after VICI closed an $843 million deal to acquire two gaming assets in and around Cleveland.