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Harrah’s Reno to be sold, will cease gaming operations

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One of downtown Reno’s longstanding hotel-casinos is set to get new ownership, according to a media report.

The Nevada Independent is reporting that Harrah’s Reno will be sold to limited liability company Reno City Center, ceasing its casino operations in the process. 

The sale, which is expected to be announced soon, closes the chapter on an iconic Reno property that started out as a bingo parlor more than 80 years ago. The late William Harrah would use the property as the launching pad for his casino company, which became the first of its kind to be listed on the New York Stock Exchange.

Harrah’s Entertainment would continue to expand through the 1990s. By 2005, Harrah’s would transform into one of the biggest gaming companies in the world with its $9 billion buyout of Caesar’s Entertainment, eclipsing a merger earlier that year by rivals MGM Mirage and Mandalay Resort Group.

More in gaming: Eldorado Resorts sells Shreveport casino-resort, cites Caesars acquisition

The fate of Harrah’s downtown Reno hotel-casino has been the subject of longtime rumors and speculation, but company representatives continued to maintain that the property was not closing or being sold following multiple queries over the years by the Reno Gazette Journal. Ownership of the property switched to VICI Properties, a real estate investment trust that was spun off from Caesars Entertainment in 2017 after the gaming company’s reorganization from bankruptcy. VICI has been leasing Harrah’s Reno to Caesars since then.

The fate of Harrah’s Reno garnered renewed interest once again after Eldorado Resorts announced its plans last year to acquire Caesars Entertainment for $17.3 billion. Eldorado just recently announced that it was selling its hotel-casino in Shreveport, La., to reduce debt prior to the closing of the Caesars deal.

The Reno Gazette Journal has reached out to representatives of Harrah’s and Eldorado resorts for confirmation but has yet to receive a response.

Jason Hidalgo covers business and technology for the Reno Gazette Journal, and also reviews video games as part of his Technobubble features. Follow him on Twitter @jasonhidalgo. Like this content? Support local journalism with an RGJ digital subscription.

Read or Share this story: https://www.rgj.com/story/news/money/business/2020/01/14/report-harrahs-reno-sold-cease-gaming-operations/4473186002/





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