Fitzgeralds in Reno finds buyer

RENO -- A Chicago-based development company has agreed to buy Fitzgeralds Casino & Hotel in downtown Reno for an undisclosed price, a newspaper reported.

Fernando Leal, managing partner of L3 development, told the Reno Gazette-Journal that the company plans to turn the aging resort into a boutique hotel-casino.

"We have plans to look to improve every aspect of that property in its entirety," Leal said. "The exact specifics, it's still too early at this point."

The agreement lists L3 affiliate DRW Nevada LLC as the buyer of record and requires the sale to be completed by Oct. 31.

The 351-room hotel-casino is the last of four owned by Fitzgeralds Gaming Corp. to be sold off after the company filed for Chapter 11 bankruptcy protection in 2000.

A court-appointed supervisor, Jeffrey Gilbert, will continue to run the casino for creditors until the sale is completed.

Leal's company, which specializes in renovating commercial properties, bought the former Golden Phoenix Hotel & Casino in downtown Reno after it was shuttered at the end of 2005.

It is converting that property into retail units, a fitness center and a 380-unit condominium tower that will be known as the Montage.

Gilbert praised L3, saying it has demonstrated "a very constructive vision" for downtown Reno.