Grand Sierra Resort (GSR) in Reno is set to commence its $1 billion arena project on Tuesday, September 30. This milestone follows a controversial tax increment financing (TIF) agreement secured four months ago, as reported by the Reno Gazette Journal.
The groundbreaking ceremony will take place in the resort’s northwest parking lot and promises “a sneak peek at what’s ahead,” according to GSR officials. Please note that this event is not open to the public.
The planned arena will accommodate 10,000 seats, feature a community ice rink, dining options, and a parking garage with 2,400 spaces. The construction will unfold in phases, with the initial phase projected to cost $189 million out of the total $786 million.
This groundbreaking event follows the Reno Redevelopment Agency’s approval in May for GSR’s TIF request to support project financing. According to the agreement, GSR will receive reimbursement of 90% of its property taxes throughout the TIF period, while the redevelopment agency will retain the remaining 10%. This deal is set to last until 2035.
Alex Meruelo, the owner of GSR, has also committed to transferring the lease for Fire Station 21 back to the city and allocating an additional 5% of the reimbursed property taxes toward youth sports facilities. Overall, GSR is set to receive $61.3 million, while the redevelopment agency will keep around $6.8 million through 2035.
The TIF arrangement has faced criticism from various quarters. “I question why Reno should use taxpayer money for a private venture,” said Council Member Meghan Ebert in May. “It’s unclear why this investment makes sense when our downtown is in such dire need.”
The arena will not only host live events but will also serve as the home venue for the Nevada Wolf Pack men’s basketball team. Brian Sandoval, President of the University of Nevada, Reno, highlighted that the arena is vital for fostering competitiveness and revenue generation.
The GSR Arena is anticipated to launch in late summer 2027, with basketball games expected to kick off in the fall of that year.