Storied Harrah’s Reno Reportedly Has a Buyer for Shuttered Casino Hotel
Posted on: March 31, 2026, 09:18h.
Last updated on: March 31, 2026, 09:18h.
- Harrah’s Reno is expected to be sold again soon
- The current owner says a long-term buyer has come forward
- Harrah’s Reno was William F. Harrah’s first casino hotel
The former Harrah’s Reno casino hotel, which has largely sat vacant since March 2020 when Caesars Entertainment shuttered the property during its merger with Eldorado Resorts, reportedly has yet another buyer.
Caesars closed the historic property, the first casino hotel opened by William F. Harrah, to satisfy regulatory concerns regarding the number of properties the new Caesars would operate once aligned with Eldorado.
The 40,000-square-foot casino and 928-room hotel was sold in October 2020 to CAI Investments for $41.5 million. CAI blamed the pandemic and inflation for numerous construction stoppages of its Reno City Center mixed-use project. CAI sold the property to Gryphon Wealth Management in 2023, but it too financial difficulty in completing the endeavor.
Charlotte-based Madison Capital Group acquired Harrah’s Reno in Chapter 11 bankruptcy in the fall of 2024. The company has continued the overhaul of the former casino to a residential structure and hotel, where the initial plan was to additionally include office and commercial retail space, a grocery store, restaurants, and a country-themed nightclub.
Madison Has Suitor
Madison Capital acquires distressed real estate for the short term, with the investment group overhauling properties with the plan to sell them. The company recently revealed to investors that it’s been approached by a potential buyer.
I cannot disclose the buyer … but it’s somebody that’s got experience like us, but even at a bigger sale,” said Madison Capital Group CEO Ryan Hanks, as reported by the Reno Gazette-Journal.
Hanks called the buyer “a large family office that acts like an institution.” The Madison Capital boss also explained that, unlike Madison, the buyer traditionally invests for the long term.
Madison is moving forward with construction as the deal plays out.
Casino Returns
CAI and Gryphon had no plans to bring back slot machines to the property. Under Madison Capital’s control, however, gaming has returned.
Last November, The Mint, a boutique gaming facility, opened with just 18 gaming machines.
“It’s the perfect spot to sip, socialize, and play in a uniquely vibrant atmosphere,” The Mint website says, adding that it’s ‘The Biggest Little Casino in the World,’ a play on Reno’s nickname. Harrah’s Reno is situated on one end of the Reno Arch that predominantly displays its claim, “The Biggest Little City in the World.”
Harrah’s Reno was the first casino hotel in the country to don the Harrah’s name. While Bill Harrah opened his first bingo parlor in Reno in October 1937, Harrah’s Reno was his first full-fledged casino when it opened in October 1969.
Today, there remain 19 Harrah’s properties across the US. The Harrah name also remains on the William F. Harrah College of Hospitality at UNLV, which was established in 1989 with a $5 million gift from his widow, Verna Harrah, his sixth and final wife.
Last Comments ( 1 )
Even if they bought the property for $1.00, that is still too much. Downtown Reno has become sh@thole and only attracts people who are happy hanging out in a sh@thole.