harrah's casino reno to truckee california

“The agreement allows for Caesars to retain its guest data and places no restrictions on Caesars’ marketing activities,” according to the announcement. “Being originally from the Reno/Sparks community, it is with great pride that we are investing in the Reno area by redeveloping this property,” Christopher Beavor, CEO of CAI Investments, said in a statement.ĬAI is working with Gryphon Private Wealth Management as capital partners for the project. We have worked closely with the buyer to provide a reasonable closure plan that allows our great staff in Reno ample time to secure their next jobs, including priority consideration for relevant openings at our other properties in Nevada, including Lake Tahoe and Las Vegas.”Ĭaesars will then deliver the property to the buyer “to be redeveloped into a non-gaming hotel and mixed-use development,” according to the press release.Īccording to media reports, CAI plans to transform the property into the new Reno City Center - complete with market-rate apartments, new office space and retail offerings, including restaurants and a grocery store. “We are pleased the buyer is committed to the community and supports the redevelopment of this wonderful asset. “We recognize the long legacy of Harrah’s in Reno, where the brand began 82 years ago and our role in the community,” Tony Rodio, CEO of Caesars Entertainment, said in a press release. Proceeds of the transaction will be split 75% to VICI and 25% to Caesars, while annual rent payments under the lease between Caesars and VICI will remain unchanged (Caesars leases Harrah’s from VICI Properties). announced last week they have signed an agreement to sell Harrah’s Reno Hotel and Casino to an affiliate of CAI Investments for $50 million. RENO - Caesars Entertainment and VICI Properties Inc.

Harrah's casino reno to truckee california