Madison Capital to Reposition Reno Hotel

July 3, 2026

Hotel Development Finance News More West

The firm debuted a $36.2 million investment vehicle.

Madison Capital Group will reposition one of the towers inside the former Harrah’s Resort and Casino in downtown Reno, Nev., to a 292-key, Class A hospitality property. To support the revamp, the company debuted a $36.2 million qualified opportunity fund.

Dubbed Reno Revival, the larger redevelopment targets the entire property, which was formerly a 928-key hotel that included three towers and other low-rise buildings. The 1.3 million-square-foot project will feature retail, office, multifamily and entertainment spaces alongside the hotel. The Mint, a boutique casino operated by Fine Entertainment, opened last year.

Harrah’s Resort and Casino closed its doors in 2020 after operating for more than 80 years. CAI Investments purchased the asset that same year and kicked off the redevelopment process. However, CAI declared Chapter 11 bankruptcy on the project in 2024.

Madison entered the picture one year later, when the company became the majority owner and lifted the property out of bankruptcy. The project crew has included architect Gensler and general contractor ESI Construction. Development company Ahlquist initially worked alongside Madison but exited the redevelopment in December 2025.

Reno’s demand drivers fuel downtown redevelopment

Reno Revival takes up an entire city block in the city’s central business district, but Madison isn’t the only company working on reimagining the downtown area. In May, Jacobs Entertainment wrapped up the first phase of a larger, $400 million redevelopment of the J Resort. The first stage included entertainment areas and housing, while subsequent phases are slated for a 600-key tower and a 4,000-seat showroom, among other buildings.

The broader Reno market also benefits from the expansion of tech and logistics sectors, as well as the growing data center demand. Other drivers include tourism, conventions, the University of Nevada, Reno and the metro’s health-care systems.