Harrah’s Casino in Reno has stood like a glowing beacon, attracting gamblers from far and wide since the day it opened back on the 29th of October 1937.
It had built up a reputation for offering slightly higher paybacks on its slot machines than casinos located in nearby Las Vegas, and that has ensured a steady stream of very loyal gamblers have passed through its doors over the decades.
However, in an obvious sign of the downturn of the gambling industry in Reno, Caesars Entertainment has announced that it will be selling off that casino to a local property developer, who has plans to turn it into a non-gambling resort.
CAI Investments is that property developer, and they have paid some $50 million of for the property and have plans to rip out its gaming floor and develop it into a mixed use venue that will appeal to and attract a completely different demographic of guest.
Whilst many casino resorts in Nevada have had mixed fortunes over the years, the gambling income generated by Reno based casinos has been steadily declining over the last couple of decades, which is something most casino operators have been unable to address or rectify.
The closure of Harrah’s Casino and Hotel will see some 40,000 square foot of gaming space being lost forever in Reno, along with it some 610 slot machines, and around 30 table games.
That, however, in turn may give a welcome boost in custom to the other casinos that are still operating there, but there are expected to be numerous job losses once the casino is closed.