weather icon Clear

Caesars sells original Harrah’s in Reno

Updated September 30, 2020 - 3:53 pm

Reno-based Caesars Entertainment Inc. has parted ways with the original Harrah’s casino in downtown Reno.

On Wednesday, Caesars closed the sale of the property to Las Vegas developer Chris Beavor, founder of CAI investments, for $41.5 million.

The deal was first announced in January. A quarter of the proceeds will go to Caesars, while 75 percent will go to the company’s affiliated real estate investment trust, Vici Properties Inc.

Beavor told the Review-Journal this year that he plans to turn the property into a mixed-used project called Reno City Center that will combat Reno’s affordable housing shortage.

Caesars shares closed up 2.9 percent Wednesday to $56.06 on the Nasdaq. Vici shares closed down 0.1 percent to $23.37 on the New York Stock Exchange.

Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.

Don't miss the big stories. Like us on Facebook.