Caesars Entertainment has announced that has completed selling Harrah’s Reno to CAI Investments, a Las Vegas-based developer, for $41.5 million.
Harrah’s Reno is the original casino opened in 1937 by William F. “Bill” Harrah. Currently. It is one of 17 with that brand. It will be turned into a mixed-use project called the “Reno City Center.” Work has already begun on this revitalization project for the downtown.
The purchase was first announced earlier this year but was delayed by the pandemic.
The day before the sale was announced Caesars announced it was purchasing William Hill for $3.7 billion, which could give Caesars a dominant position in sports betting in the U.S.
The property has never reopened after closing in March due to the pandemic. Originally Caesars had planned to continue to operate the property through the summer. However it later notified the authorities that it would be permanently laying off 471 workers.
The sale of Harrah’s Reno was required because Eldorado Resorts already operates three properties in downtown Reno. It acquired Harrah’s when it merged with Caesars earlier this year and adopted its brand name.
Harrah’s Reno was the first of the Harrah’s casino fleet. It started as a bingo hall and casino but in 1968 became a 24-story casino that was eventually joined by a 100-room hotel. The company continued to grow after Harrah’s death in 1978, becoming a regional gaming company that later added Horseshoe Gaming and the World Series of Poker.
