Harrah’s Reno, a previously dormant casino hotel located in downtown Reno, has sparked interest from a potential buyer as efforts to redevelop the site continue under its current management. Charlotte’s Madison Capital Group, which acquired the property through Chapter 11 bankruptcy procedures in late 2024, confirmed that it has received inquiries about a possible sale of the development, now dubbed Reno Revival.
The firm is actively pursuing construction while assessing this opportunity, according to reports from the Reno Gazette-Journal.
“We’ve been … approached about selling the entire project,” stated Ryan Hanks, founder and CEO of Madison Capital Group, during an investor webinar. He labeled the interested party as an experienced investor operating on a larger scale, describing it as “a significant family office that functions like an institution.”
Hanks pointed out that the prospective buyer’s strategy diverges from Madison’s approach, which usually involves revitalizing distressed real estate assets and then exiting post-redevelopment. The interested party, however, reportedly prefers a long-term ownership strategy.
Despite ongoing discussions, Madison Capital has continued to collect funds for the project, presenting investment opportunities beginning at $50,000. The structure guarantees a 15% annual return, with a holding period of one to two years, and offers a 75% profit-sharing option for preferred equity investors.
Michael Culwell, a supervising partner at Irvine Advisors, collaborating with Madison Capital, mentioned that development work will continue irrespective of a potential deal.
“We’re not halting progress,” Culwell affirmed. “We’ll keep moving ahead because real estate transactions don’t always conclude, and we prefer not to waste 90 to 120 days waiting for something to develop when we could advance the project.”
The site has largely remained unoccupied since March 2020, following the closure by Caesars Entertainment due to its merger with Eldorado Resorts. The shutdown aimed to meet regulatory stipulations related to the number of properties the merged entity could oversee.
Initially inaugurated in October 1969 as the first full-scale casino under the Harrah’s brand, the venue spans 40,000 square feet and includes a 928-room hotel, having changed ownership multiple times post-closure. CAI Investments bought it in October 2020 for $41.5 million with the intention of evolving it into a mixed-use development. However, construction was delayed due to pandemic-related issues and escalating costs.
In 2023, the project was passed to Gryphon Wealth Management, but similar financial hurdles stalled its advancement, leading to bankruptcy proceedings and the eventual takeover by Madison Capital.
Plans for the property have evolved. Previous concepts included office spaces, retail venues, a grocery outlet, eateries, and a country-themed nightclub. The current redevelopment plan is now focused on creating residential units and additional hotel space, while select hospitality and entertainment options will remain.
The project has entered its initial phase, which encompasses development of ground-floor restaurants and a casino segment managed by Las Vegas-based Fine Entertainment. Although earlier ownership did not plan to bring gaming back, a limited reintroduction has already occurred with the opening of a boutique venue called The Mint in November that features 18 gaming machines.
Partnerships for the development have also seen modifications. Ahlquist, a developer based in Boise, was initially engaged after Madison Capital assumed control but subsequently left the project in December. Madison Capital has decided to oversee the redevelopment efforts internally.
Located near the Reno Arch, famously known for the saying “The Biggest Little City in the World,” the site maintains a prominent position in downtown Reno with historical importance.
Harrah’s Reno originally was the first casino hotel under the Harrah’s name, which currently operates 19 properties across the nation. The brand also remains linked to the William F. Harrah College of Hospitality at the University of Nevada, Las Vegas.