{"id":1004481577,"date":"2020-10-01T06:34:34","date_gmt":"2020-10-01T14:34:34","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004481577"},"modified":"2021-05-15T09:20:25","modified_gmt":"2021-05-15T17:20:25","slug":"caesars-vici-properties-close-42m-sale-of-historic-reno-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/caesars-vici-properties-close-42m-sale-of-historic-reno-hotel\/","title":{"rendered":"Caesars, VICI Properties Close $42M Sale of Historic Reno Hotel"},"content":{"rendered":"<div id=\"attachment_1004481595\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Harrahs-Reno.png\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004481595\" data-attachment-id=\"1004481595\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-properties-close-42m-sale-of-historic-reno-hotel\/harrahs-reno\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Harrahs-Reno.png\" data-orig-size=\"807,606\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Harrah&#8217;s Reno\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Harrahs-Reno.png?w=807\" loading=\"lazy\" class=\"wp-image-1004481595 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Harrahs-Reno.png\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Harrahs-Reno.png 807w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Harrahs-Reno.png?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/Harrahs-Reno.png?resize=768,577 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004481595\" class=\"wp-caption-text\">Harrah&#8217;s Reno. <em>Image via Google Maps<\/em><\/p><\/div>\n<p>Caesars Entertainment and VICI Properties have completed the $41.5 million sale of Harrah\u2019s Reno Hotel and Casino in downtown Reno, Nevada. Following a sale agreement signed this year in January, CAI Investments is now the new owner of Harrah\u2019s Reno. The buyer has previously <a href=\"https:\/\/www.commercialsearch.com\/news\/caesars-vici-sell-reno-hotel-for-50m\/\">revealed plans to convert the building<\/a>&nbsp;at 219 N. Center St. into a mixed-use property dubbed Reno City Center.<\/p>\n<p>In March of this year, Caesars announced the permanent shuttering of the historic 928-key hotel-casino after 83 years of operation. According to the <em>Reno Gazette Journal<\/em>, 471 employees were let go, with layoffs to become effective after August 1. While conversion plans were already in place in January, the terms of the sale agreement stated that Caesars would continue to operate the property upon closing. Based on a short-term lease signed with CAI Investments, Caesars was to cease operations in the second half of 2020, but COVID-19 threw a wrench in the parties\u2019 initial plans.<\/p>\n<p>Reno City Center is slated to be a strictly non-gaming facility, as the developer plans to add much-needed housing, office and retail space to downtown Reno, the <em>Reno Gazette Journal<\/em> revealed.<\/p>\n<p>The reimagined project is expected to feature more than 500 market-rate apartments, 150,000 square feet of office and 78,500 square feet of retail space. Restaurants, a coffee shop, a bar and a grocery store are among planned additions, as well as a gym and entertainment options in a park-like setting.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The new owner plans to transform Harrah\u2019s Reno into a mixed-use property dubbed Reno City Center.<\/p>\n","protected":false},"author":240,"featured_media":1004481595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21783,21742,15],"tags":[35701,38899,37922],"class_list":["post-1004481577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-investment","category-latest","category-west","tag-caesars-entertainment-corporation","tag-cai-investments","tag-vici-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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