The building sold for $41.5 million

Caesars and VICI complete sale of Harrah’s Reno

Harrah's Reno to be sold for $41.5M and turned into a non-gaming hotel and mixed-use development.
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On Wednesday, Caesars closed the sale of the property to Las Vegas developer Chris Beavor, founder of CAI investments, for $41.5 million.

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.

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