The deal is reported to be in the region of 45 million Euro and will turn the world famous ‘Harrah’s Reno’, a hotel and casino in Downtown Reno, Nevada, in to a non-gambling related resort.
CAI Investments is the real-estate firm that has agreed to buy the casino establishment from Caesars Entertainment Corporation amid concerns of a declining revenue trend in traditional gambling venues.
The company said:
“Reno City Center will offer much-needed housing, office, and services to the downtown Reno market and will be instrumental in the continued diversification to the Reno economy”
CAI Investments is a Las Vegas based developer that has developed a multitude of property and business types throughout the USA.
Harrah’s Reno was Caesars Entertainment Corporation’s (formerly Harrah’s Entertainment) first hotel, which was transferred to Vici Properties in 2017.
John Payne, President and Chief Operating Officer of VICI Properties commented on the deal:
“The sale of Harrah’s Reno demonstrates our ability to continuously work constructively with our tenants to improve our individual businesses… This disposition will allow VICI to optimize the quality of our real estate portfolio and redeploy the proceeds toward other attractive growth opportunities while maintaining the existing financial terms of the Non-CPLV Master Lease with Caesars.”
The company has said that casino operations will end in the second half of 2020.