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Harrah’s Reno, a long-idled casino hotel in downtown Reno, has drawn interest from a potential buyer as redevelopment of the site continues under its current owner. Charlotte-based Madison Capital Group, which took control of the property through Chapter 11 bankruptcy proceedings in late 2024, said it has been approached regarding a possible sale of the project, now known as Reno Revival.
The company is continuing construction while evaluating the opportunity, reports the Reno Gazette-Journal.
“We’ve been … presented with an opportunity to sell the entire project,” said Ryan Hanks, founder and CEO of Madison Capital Group, during a webinar with investors. He described the interested party as an experienced investor operating at a larger scale and characterized it as “a large family office that acts like an institution.”
Hanks indicated that the prospective buyer’s approach differs from Madison’s strategy, which typically involves repositioning distressed real estate assets and exiting after redevelopment. In contrast, the interested group is understood to favor long-term ownership.
Even as discussions progress, Madison Capital has continued to raise funds for the project, offering investment opportunities starting at $50,000. The structure includes a 15% annual guaranteed return, a one- to two-year holding period, and a 75% profit participation arrangement for preferred equity investors.
Michael Culwell, a supervising partner at Irvine Advisors, which is working with Madison Capital, said development work will proceed regardless of whether a deal materializes.
“We’re not going to stop,” Culwell said. “We’re going to continue moving forward because real estate deals don’t always close and we hate to waste 90 days or 120 days waiting around for something to happen when we could be moving forward with the project.”
The property has remained largely vacant since March 2020, when Caesars Entertainment closed it following its merger with Eldorado Resorts. The closure was part of efforts to address regulatory requirements tied to the number of properties the combined company could operate.
Originally opened in October 1969 as the first full-scale casino under the Harrah’s name, the 40,000-square-foot casino and 928-room hotel changed hands multiple times after its closure. CAI Investments acquired it in October 2020 for $41.5 million, with plans to transform it into a mixed-use development. However, construction delays linked to the COVID-19 pandemic and rising costs stalled progress.
The project was later sold to Gryphon Wealth Management in 2023, but similar financial challenges hindered further development, eventually leading to bankruptcy proceedings and Madison Capital’s takeover.
Plans for the site have shifted over time. Earlier proposals included office space, retail outlets, a grocery store, restaurants, and a country-themed nightclub. Under the current redevelopment, the focus has moved toward residential units and hotel space, while retaining selected hospitality and entertainment elements.
The project is currently in its first phase, which includes work on ground-floor restaurants and a casino component to be developed by Las Vegas-based Fine Entertainment. Although earlier owners did not intend to reintroduce gaming, a limited return has already taken place, with a boutique venue called The Mint opening in November with 18 gaming machines.
Development efforts have also seen changes in partnerships. Boise-based developer Ahlquist was initially brought in after Madison Capital assumed control, but later exited the project in December. Madison Capital has since opted to manage the redevelopment internally.
Situated near the Reno Arch, which bears the slogan “The Biggest Little City in the World,” the site remains a prominent downtown location with historical significance.
Harrah’s Reno was the first casino hotel to carry the Harrah’s brand, which today operates 19 properties across the United States. The brand name also continues through the William F. Harrah College of Hospitality at the University of Nevada, Las Vegas.