Caesars and VICI complete sale of Harrah’s Reno
Caesars Entertainment and VICI Properties announced Wednesday they have completed the previously disclosed transaction to sell Harrah's Reno Hotel and Casino to an affiliate of CAI Investments for $41.5 million.
The deal was first announced in January. The proceeds of the transaction were split 75% to VICI and 25% to Caesars, while the annual rent payments under the Regional Master Lease between Caesars and VICI remain unchanged.
The longstanding gaming icon in downtown Reno is set to undergo a transformation as a mixed-use property after its sale to Las Vegas-based real estate group CAI Investments.
The remodeled building will feature about 530 market-rate apartments, 150,000 square feet of new office space and 78,500 square feet of retail. Retail offerings will include food options such as restaurants, a bar, coffee shop and grocery store. Reno City Center will also have a gym as well as entertainment set in a park-like setting, according to CAI.
Reno City Center is planned to be a strictly non-gaming facility.
Nevada Legislature considers up to $380M funding for potential Oakland Athletics stadium in Las Vegas
Illinois: $105 million Golden Nugget Danville Casino welcomes first visitors
Crown Resorts agrees to $294M fine for breach of AML laws at Melbourne, Perth casinos
Betting firms join forces to launch coalition pushing for regulated online Quebec market
Rivalry posts record revenue of almost $9M, cuts losses by 50% in Q1
