Harrah’s Reno Draws Buyer Interest as Reno Revival Work Continues

Harrah’s Reno is back in play again, not as a reopened casino resort, but as a redevelopment project that may already be drawing a new owner. Madison Capital Group, which took control through Chapter 11 proceedings in late 2024, says it has been approached about a possible sale even as work at the site moves ahead.

Good to Know

• Madison Capital Group says it has been presented with a chance to sell the full Reno Revival project.
• Construction is continuing whether a transaction happens or not.
• The property has been largely vacant since March 2020.

Sale Interest Appears While Work Keeps Going

Madison Capital is still raising money for the project, but at the same time it is weighing interest from a potential buyer. Ryan Hanks, founder and CEO of Madison Capital Group, said during a webinar with investors: “We’ve been … presented with an opportunity to sell the entire project.”

He said the interested party comes with a different profile than Madison. According to Hanks, the group is “a large family office that acts like an institution.” He also said the buyer operates at a larger scale and appears more focused on long-term ownership, rather than the usual Madison model of repositioning distressed real estate and exiting after redevelopment.

Even with those talks in the background, Madison has not slowed the fundraising push. The company is still offering entry into the deal starting at $50,000, with a structure that includes a 15% annual guaranteed return, a one to two year holding period, and 75% profit participation for preferred equity investors.

Michael Culwell, a supervising partner at Irvine Advisors, which is working with Madison Capital, said the project will keep advancing either way. “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.”

A Different Plan for a Long Quiet Property

The site has sat mostly empty since March 2020, when Caesars Entertainment shut it down after its merger with Eldorado Resorts. That closure was tied to regulatory limits around how many properties the combined company could run.

Harrah’s Reno opened in October 1969 as the first full-scale casino under the Harrah’s name. The property includes a 40,000 square foot casino and a 928-room hotel, and it has changed hands several times since closing.

CAI Investments bought the site in October 2020 for $41.5 million and pitched a mixed-use redevelopment. But progress slowed as COVID-19 related disruption and rising costs hit the project. In 2023, the property was sold again, this time to Gryphon Wealth Management. Similar financial pressure got in the way there too, and that path eventually ended in bankruptcy before Madison Capital stepped in.

The plan has shifted more than once. Earlier versions included office space, retail, a grocery store, restaurants, and a country-themed nightclub. Under the current Reno Revival concept, the focus has turned more toward residential units and hotel space, while still keeping some hospitality and entertainment components in the mix.

Partnerships have shifted too. Boise-based developer Ahlquist joined the project after Madison took control, but later exited in December. Madison now plans to handle redevelopment in-house.

The first phase is already underway and includes ground-floor restaurants plus a casino element from Las Vegas-based Fine Entertainment. Earlier owners had not planned to bring gaming back, yet a limited return has already happened. A boutique gaming venue called The Mint opened in November with 18 gaming machines.

Set near the Reno Arch, the property still holds one of the most visible spots in downtown Reno. It also carries weight well beyond the city. Harrah’s Reno was the first casino hotel to use the Harrah’s brand, which now operates 19 properties across the United States. The name also lives on through the William F. Harrah’s College of Hospitality at the University of Nevada, Las Vegas.

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