It’s official. Caesars Entertainment just confirmed that Harrah’s Reno will be sold to an affiliate of CAI Investments for $50 million, closing the chapter on one of downtown Reno’s iconic hotel-casinos.

Caesars, which has been leasing Harrah’s Reno from VICI Properties, made the announcement on Wednesday afternoon after news of the sale leaked the day before. The proceeds of the sale will be split 75-25 between VICI Properties and Caesars Entertainment.

The sale includes an agreement for Caesars to lease the property from the new owner for the first half of the year. During this time, Harrah’s Reno will continue to be part of the Caesars Rewards network. The property will then be handed over to new ownership later this year and turned into a mixed-use, non-gaming property. The sale is subject to regulatory approval.


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