RENO, Nev. (AP) — Harrah’s Reno has been sold to an affiliate of a Las Vegas investment firm with plans to turn the long-time hotel-casino into a non-gambling property with apartments, office space and retail stores.
Caesars Entertainment confirmed the sale of the iconic downtown hotel-casino dating to the 1970s to an affiliate of CAI Investments for $50 million, subject to regulatory approval. sa gaming
The Reno Gazette Journal first reported the deal Wednesday, which calls for a 75-25 split of the proceeds between VICI Properties and Caesars. Caesars had been leasing Harrah’s Reno from VICI and will continue to do so from the CAI affiliate for the first half of the year.
The registered agent listed in state records for the new buyer, Reno City Center LLC, is Chris Beaver, CEO of CAI Investments, which plans to build a separate 20-story boutique hotel a few blocks away.
Plans call for the remodeled Harrah’s to become the Reno City Center, with about 530 apartments, office space and retail space including grocery, gym, restaurants, bar, coffee shop and entertainment.
The casino’s roots date to 1937 when founder William Harrrah opened a bingo parlor on the site. Harrah’s Inc. became the first gambling company listed on the New York Stock Exchange in 1973.…