C
aesars Entertainment and VICI Properties announced Wednesday they have completed the previously disclosed transaction to sell Harrah’s Reno Hotel and Casino to an affiliate of CAI Investments for $41.5 million.
The deal was first announced in January. The proceeds of the transaction were split 75% to VICI and 25% to Caesars, while the annual rent payments under the Regional Master Lease between Caesars and VICI remain unchanged.
The longstanding gaming icon in downtown Reno is set to undergo a transformation as a mixed-use property after its sale to Las Vegas-based real estate group CAI Investments.
The remodeled building will feature about 530 market-rate apartments, 150,000 square feet of new office space and 78,500 square feet of retail. Retail offerings will include food options such as restaurants, a bar, coffee shop and grocery store. Reno City Center will also have a gym as well as entertainment set in a park-like setting, according to CAI.
Reno City Center is planned to be a strictly non-gaming facility.
