Jacobs Entertainment is putting another $128 million into J Resort and nearby developments in downtown Reno. The project is part of a larger 20-year plan that has now reached its midpoint, according to CEO Jeff Jacobs.
Good to know
- Jacobs Entertainment is halfway through a 20-year redevelopment project in Reno.
- The next $128 million phase will add a banquet hall, classic cars, and festival grounds.
- Over $500 million will have been invested in downtown Reno by the end of this phase.
The newest round of development will bring in a grand entrance for the resort, a 400-seat banquet hall showcasing around 50 European sports cars—including five Ferraris—and outdoor festival grounds that can host up to 15,000 attendees. These grounds will debut with the Drifters Music Festival on May 10 and 11.
Jacobs described the journey so far as a long-term effort. “We are in about year 10 of a 20-year overnight success story. We are about halfway complete,” he said. With this latest investment, Jacobs Entertainment will have spent over $500 million on downtown Reno.
The company has more than entertainment in mind. One part of the plan includes Glow Gardens, a 300-seat event space built around restored historic structures like the Nystrom House and Chapel of the Bells. The site also includes a modern atrium and a new wedding chapel.
On the housing side, Jacobs plans to redevelop the former Bonanza Inn into a 57-unit affordable workplace housing complex named The Breeze. Another housing effort will replace the Sarrazin Arms apartments with a 65-unit affordable complex. Both housing developments are awaiting approval for Tax Incremental Financing, which Jacobs says will supply about $25 million toward the total funding needed.
Earlier efforts already brought a 60-unit market-rate apartment building to Arlington Avenue and West Second Street. Future phases of the redevelopment could include a rooftop pool, an indoor-outdoor spa, a large showroom for up to 4,000 people, and new hotel towers that could expand J Resort’s capacity to 2,000 rooms, depending on demand.
Jacobs Entertainment entered the Reno market in 2017 when it bought the former Sands Regency. Since then, it has acquired over 100 acres and more than 80 parcels across the West Fourth and West Second Street corridors.
“We are sort of at the 50-yard line,” Jacobs said. “Our whole approach is the same as Steve Wynn’s – if you build something really nice, the people at the top end of the market will want to see it, and if they want to see it, everyone else will too.”
Looking ahead, Jacobs said the next four years of the master plan have already been outlined. His team wants to reshape downtown Reno into an art and entertainment district anchored by what he believes will become the most attractive casino in the region.
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