RENO, Nev. (News 4 & Fox 11) — After years of delays and questions about the future of one of downtown Reno’s most iconic properties, a new developer has purchased the former Harrah’s Casino and revealed its redevelopment plans.
On Monday, Madison Capital Group announced its acquisition of the former Harrah’s building, marking the start of a transformative project named ‘Revival.’
The company, now the majority owner, manager and developer of the property, is partnering with Ahlquist LLC to redevelop the site into a mixed-use development.
According to the company, the project will include a redesign of three towers, featuring 300 market-rate residential apartments, corporate housing, a revamped hotel, Class-A office space, and retail, restaurant, and grocery spaces. A ground-level outdoor plaza will integrate these elements, with Las Vegas-based Fine Entertainment opening ‘The George’ as a flagship tenant.
In February 2024, court documents obtained by News 4-Fox 11 showed the Delaware-based project owners of the then “Reno City Center” filed for Chapter 11 bankruptcy, but officials with the city of Reno said the project was not dead.
Reno’s revitalization manager Bryan McArdle told us in an interview before the bankruptcy filing the project stalled due to the ‘perfect storm of a bit of pandemic, labor shocks, supply chain issues and interest rates.’
The Reno City Center was sold by Caesars Entertainment in 2020 after the gaming giant was acquired by Eldorado Resorts. The project has been delayed multiple times due to various reasons. After years of lofty plans, Las Vegas-based CAI Investments sold its stake in the Reno City Center to Gryphon Private Wealth Management in 2023.
CAI Investments initially planned to convert the former hotel-casino into roughly 530 market rate rental apartments, including one-bedroom, two-bedroom and studio units. The project was part of Reno Mayor Hillary Schieve’s ‘1,000 Homes in 120 Days’ initiative. Back when Mayor Schieve announced the program, she said that it was to encourage new construction.
Madison Capital Group announced the new plans and renderings in a news release on March 10.
“We are excited to kick off Revival, a transformative project that honors the rich history of the Harrah’s property while looking toward the future,” said Ryan Hanks, founder and CEO of Madison Capital Group. “Breathing new life into this cornerstone property will play a key role in the continued revitalization of downtown Reno, further establishing it as a top city to live, work, and visit.”
Local development partner Brianna Bullentini, who was born and raised in Reno, emphasized the project’s significance.
“The project promises economic growth, attracting residents, businesses, and jobs. This isn’t just redevelopment—it’s about reimagining Reno’s soul,” she said. “We’re creating a critical mass destination where culture, commerce, and connection thrive. Turning blight into vibrancy—the energy is infectious, and we’re proud to help fuel Reno’s resurgence.”
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