Harrah’s Reno, a once-bustling casino hotel in downtown Reno, is now attracting interest from potential buyers as redevelopment efforts continue under its current ownership. Madison Capital Group, based in Charlotte, took control of the property through Chapter 11 bankruptcy proceedings in late 2024 and has confirmed it has been approached regarding a possible sale of the project, which is now referred to as Reno Revival.
According to reports from the Reno Gazette-Journal, the company is actively pursuing construction while assessing the sale opportunity. Ryan Hanks, the founder and CEO of Madison Capital Group, mentioned during a recent investor webinar that they have received an offer to sell the entire project. He described the interested party as a substantial family office with experience in larger-scale investments, differentiating their approach from Madison's typical strategy of repositioning distressed properties for a quick exit after redevelopment.
Despite ongoing discussions about a sale, Madison Capital is continuing to raise funds for the project, offering investment opportunities starting at $50,000. The investment structure promises a guaranteed annual return of 15%, with a holding period of one to two years and a 75% profit participation for preferred equity investors.
Michael Culwell, a supervising partner at Irvine Advisors, which collaborates with Madison Capital, stated that development will proceed regardless of whether a sale is finalized. “We’re not going to stop,” he affirmed. “We’re going to continue moving forward because real estate deals don’t always close, and we hate to waste time waiting when we could be advancing the project.”
The property has been largely vacant since March 2020, when Caesars Entertainment shut it down following its merger with Eldorado Resorts. This closure was part of efforts to comply with regulatory requirements concerning the number of properties the merged entity could operate.
Originally opened in October 1969 as the first full-scale casino under the Harrah’s brand, the 40,000-square-foot casino and 928-room hotel has changed hands several times since its closure. CAI Investments purchased it in October 2020 for $41.5 million, intending to convert it into a mixed-use development. However, construction delays due to the COVID-19 pandemic and rising costs stalled progress.
The project was later sold to Gryphon Wealth Management in 2023, but similar financial obstacles hindered further development, eventually leading to bankruptcy proceedings and Madison Capital’s acquisition.
Plans for the site have evolved over time, with earlier proposals including office spaces, retail outlets, a grocery store, restaurants, and a country-themed nightclub. The current redevelopment focuses on residential units and hotel space while retaining selected hospitality and entertainment features.
The first phase of the project is underway, which includes the development of ground-floor restaurants and a casino component managed by Las Vegas-based Fine Entertainment. Although previous owners did not plan to reintroduce gaming, a limited return has already occurred with the opening of a boutique venue called The Mint in November, featuring 18 gaming machines.
Development partnerships have also seen changes; Boise-based developer Ahlquist was initially involved after Madison Capital took control but exited the project in December. Madison Capital has since decided to manage the redevelopment internally.
Located near the iconic Reno Arch, which boasts the slogan “The Biggest Little City in the World,” the site holds significant historical value and remains a prominent downtown location.
Harrah’s Reno was the first casino hotel to adopt the Harrah’s brand, which now operates 19 properties across the United States.