Harrah's Reno has been sold to an affiliate of a Las Vegas investment firm with plans to turn the long-time hotel-casino into a non-gambling property with apartments, office and retail space.
Caesars Entertainment confirmed the sale of the iconic downtown hotel-casino dating to the 1970s to an affiliate of CAI Investments for $50 million, subject to regulatory approval.
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The Reno Gazette-Journal first reported the deal Wednesday. Plans call for the remodeled Harrah's to become the Reno City Center, with 500 apartments, offices, restaurants, shops and entertainment.
The casino's roots date to 1937 when founder William Harrah opened a bingo parlor on the site.