On September 27, Alex Meruelo, owner of Reno’s Grand Sierra Resort, announced a historic $1 billion private capital investment—which would be the largest in the city’s history—into the 140-acre property over the course of the next decade.
The sweeping project includes a litany of additions and expansions, centered around a 10,600-seat arena that will eventually become the new home of the University of Nevada, Reno (UNR) men’s basketball team.
According to Meruelo, the so-called Nevada Arena will be privately financed, and is expected to cost some $400 million. The goal is to have the arena ready in time for the 2026 basketball season.
In addition to UNR basketball games, the 300,000-square-foot arena is also expected to become a hub for concerts, other sporting events such as boxing matches and more. Monster truck rallies were also among the mentioned possibilities.
The UNR men’s and women’s teams have played at the 12,000-seat Lawlor Events Center since 1983, and once the new arena is complete the women’s team is expected to stay at Lawlor for its games.
With regard to funding, Meruelo said the arena project will follow the model that was used by MGM Resorts and AGS back in 2016 to construct T-Mobile Arena, which cost less than $400 million and has a higher capacity (18,000).
UNR will not put forth any capital for the project.
“The precipice of an extraordinary transformation is upon us,” Meruelo said in a statement. “This will not only redefine Grand Sierra Resort but also elevate Reno to new heights in the realm of entertainment and sports. We recognize and value the community’s support and enthusiasm as we commence this journey together.
“The vision is to transform GSR into a destination where community, sports and entertainment come together.”
In addition to the arena, the development plans also include a host of other changes, including an expansion of the property’s water feature, known as Grand Bay, to include a fountain show, dining options, a walkable promenade and a redesigned driving range golf facility to replace the existing one.
“We’re going to make that lake come alive,” Meruleo said at the announcement event, according to the Nevada Independent. “We’re going to have water shows and people will come to see it.”
The ambitious plan also calls for 300 housing units for GSR staff, an expansion of the GSR itself and the possibility of another hotel tower in the future. No timeline has yet been established for these developments.
UNR President and former governor Brian Sandoval as well as Reno Mayor Hilary Schieve were on-hand for the announcement. According to the Independent, Sandoval and Meruelo have known each other for over 10 years.
“The University of Nevada, Reno is excited to explore the opportunity to partner with Alex Meruelo and Grand Sierra Resort as they develop a state-of-the-art arena and entertainment district that is unprecedented in Northern Nevada,” Sandoval said in a statement. “The new arena will include amenities that create a fan and game experience that are second to none.”
Schieve, who has campaigned for the diversification of Reno’s economy as well as additional housing options, was supportive of the opportunities that the project may present.
“This is an incredible and historic investment by Mr. Meruelo and a true game changer for our community,” she said in a statement. “It’s a massive win for our citizens, a win for the University of Nevada and a win for tourism. Thank you Mr. Meruelo for your vision and faith in our great community.”
