Harrah's Reno

Reno, NV

Description

The new majority owner of the former Harrah’s Reno hotel-casino is seeking a fresh start as it takes control of the stalled downtown project.

North Carolina-based real estate investment firm Madison Capital Group moved quickly to put its mark on the troubled Reno City Center redevelopment, giving it a new name and signing a deal with a new development partner.

Madison Capital Group confirmed with the Reno Gazette Journal that it now has full control over Reno City Center, which it renamed “Revival.” 

Madison Capital Group gained majority ownership on Feb. 1 after providing funding to help get the project out of bankruptcy. The remaining owners include limited partner investors who were part of the original deal, according to the company.

The new majority owner also announced an agreement on Monday with commercial developer Ahlquist, which is headquartered in Boise, Idaho. The announcement did not mention Reno City Center, former majority owner Gryphon Private Wealth Management or former manager CAI Investments, further signifying a reset of the project.

Gryphon will see a reduced role in the development with the ownership change. Although Gryphon is still involved, Madison Capital Group and Ahlquist made it clear that they were in the driver’s seat for Revival.

"GPWM are no longer managers of any of the LLCs,” said Tommy Ahlquist, president and CEO of Ahlquist, in response to an RGJ query.

“They continue to represent some of the investors (but) all day-to-day operations and decisions are being made by Madison Capital Group & Ahlquist now.”

The RGJ has reached out to Gryphon for comment.

What’s next? Proposed plans for the Revival project

Although Gryphon is no longer fully overseeing redevelopment for the former Harrah’s property, the plans for Revival retain several proposals made under previous ownership.

The plans include adding hotel rooms to the redevelopment’s original mixed-use residential and office concept. The addition of hotel rooms caused Las Vegas-based CAI Investments to sell its stake in Reno Center in 2023 after serving as the longtime manager of the development. At the time, CAI Investments CEO Chris Beavor cited his non-compete clause over a separate project to build a Kimpton Hotel in downtown Reno.