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The hotel in Reno that launched the Harrah’s stable of hotel-casinos 82 years ago has been sold for $50 million to a real estate developer. The development company, CAI Investments, plans to renovate the Harrah’s Reno property and convert it entirely to an apartment and office space complex to be named “Reno City Center.”

1. Reno Casino
2. Sands Casino Reno
3. Harrah's Casino Reno Entertainment Center
4. Harrah's Casino Reno Entertainment Tickets
5. Harrah's Casino Reno Entertainment Schedule
6. Harrah's Casino Reno Closing Date

The sale is just one of the many anticipated transactions from Caesars Entertainment in the coming months; Caesars was acquired by Reno-based Eldorado Resorts last year. That acquisition is expected to be completed in the first six months of 2020.

Harrahs Reno Casino is an Iconic landmark. It is part of the casino history. Good food, entertainment and gaming. Harrah’s Existence for Nearly a Century in Reno The international operation that would eventually swallow Caesars Entertainment in 2005 began humbly as a small bingo parlor at 124 North Center Street in Reno. The parlor was not a success, and it closed a scant two weeks later.

Caesars Entertainment has been leasing Harrah’s Reno from VICI Properties, a real estate investment trust (REIT) similar to the Blackstone Group—the company that recently signed a deal to buy the MGM Grand and Mandalay Bay and lease both properties back to MGM Resorts International. VICI Properties was a spin-off of Caesars in 2017 subsequent to its chapter 11 bankruptcy.

1. Founded by William F. “Bill” Harrah in 1937, Harrah’s Reno makes history as the original casino in the Harrah’s chain. We want to thank you for being a loyal guest at Harrah’s Reno. The fun doesn’t have to stop: You can still enjoy a stay at one of our many properties. All gaming chips and tokens (unless previously discontinued) may be redeemed in person for 120 days at any of the following Reno Nevada locations: Silver Legacy Resort Casino, Eldorado Hotel and Casino, Circus.
2. Harrah’s Reno Hotel and Casino will close after Caesars Entertainment Corp. Said it agreed to sell the property for $50 million to a real-estate developer, which will turn it into a nongambling.

Reno Casino

According to a press release issued on January 15, 2020, the $50 million will be split between the two entities, with 75% to VICI Properties and 25% to Caesars Entertainment. Caesars intends to continue operations at Harrah’s Reno through the first half of 2020 to facilitate an orderly shutdown that will affect hundreds of Caesars employees.

In the Caesars press release, CEO Tony Rodio says the following.

Once Harrah’s Reno has ceased operations, CAI Investments’ renovation and transformation into the Reno City Center will begin. The project is expected to take at least two years to complete.

The international operation that would eventually swallow Caesars Entertainment in 2005 began humbly as a small bingo parlor at 124 North Center Street in Reno. The parlor was not a success, and it closed a scant two weeks later. But William F. Harrah, the empresario behind the bingo parlor, was not discouraged.

By the spring of 1938, Harrah was ready to have another go at Reno gamblers, and he opened Harrah’s Plaza Tango between Virginia Street and Center Street with the help of his friend and mentor, Virgil Smith. This time, the business was a success, and slowly, Harrah began to acquire adjacent properties. In 1946, with the help of $25,000 he borrowed from Smith, he opened Harrah’s Reno Club, which eventually straddled the now-nonexistent Lincoln Alley from Virginia Street to Center Street.

Sands Casino Reno

Eventually, Harrah’s acquired Caesars Entertainment (although the newly formed company would keep the Caesars rather than the Harrah’s name), making it the world’s largest casino operator.

About CAI Investments

The Las Vegas-based CAI Investments has carved a niche for itself in the Nevada gambling real estate world simply by concentrating on building non-gaming projects in gambling towns. In addition to its hotel and multi-use development strategy, CAI also operates a number of Del Taco franchises in Arizona.

Chris Beavor, the CEO of Las Vegas-based CAI Investments, is also the registered agent of Reno City Center LLC, which was created specifically to oversee the renovation project. Beavor and CAI Investments are no strangers to the hotel and multi-use commercial building scene.

For instance, CAI Investments is currently building a 17-story non-gaming, non-smoking hotel on Flamingo Road near the Palms in Las Vegas. Beavor told reporters at the time of the project’s groundbreaking that it would be completed in the fourth quarter of 2021.

And in Reno, where Beavor spent his childhood, CAI Investments is already planning to build a 20-story boutique hotel in the heart of the downtown area. That 20-story, 260-room boutique hotel is also a non-gaming/non-smoking property and will feature up to 40 apartments and condominiums with private entrances from the hotel on Court Street in downtown Reno.

Harrah's Casino Reno Entertainment Center

CAI concluded the purchase of the Court Street property in November 2019 and submitted its application to build the hotel in December; Beavor told reporters he expects the project to break ground in early 2020.

The Harrah’s acquisition and makeover represents an even more ambitious undertaking for Beavor and his development company. Beavor recently told reporters that when the Harrah’s renovation was complete, the newly christened Reno City Center would comprise between 500 and 530 apartments, as well as up to 150,000 square feet of office space. Beavor added that the project will also provide accommodations for other businesses, such as restaurants and gyms.

Harrah's Casino Reno Entertainment Tickets

According to at least one analyst, John Helderman of Helderman Business Management and Consulting, Harrah’s has long been in need of renovation. “The property needs an investment,” he recently told the Las Vegas Review-Journal. “It’s probably a good thing for the property to have a new owner.”

Harrah's Casino Reno Entertainment Schedule

Harrah's Casino Reno Closing Date

Helderman also opined that CAI would almost certainly begin making money faster without the gaming aspect, pointing out that acquiring a gambling license in Nevada is “a real undertaking.”