Station Casinos has put all of their land up for sale in Reno, including a spot that the casino operator had hoped might turn into a massive gambling resort.
The Reno Gazette-Journal explains that the properties were listed last Saturday, and the fact that Station is most likely looking to take major losses through any deal, it needs to look for some quick cash to come up with.
The two major properties now listed on CREXi.com, a commercial real estate exchange, include an empty 89-acre plot in southern Reno and an 8-acre plot near the Reno-Sparks Convention Center and Reno Town Mall. The latter is where Station hoped to construct its next venue before it ran into serious trouble with locals and economic setbacks as well. Nothing ever emerged 15 years after making the move.
By the time it was first purchased in 2005, Station envisaged a gambling facility and 900-key hotel for the property. It saw massive hotel towers, 225-foot retail spaces and, of course, a casino. $500 million would go towards the development of the property and, within one year, the Reno City Council had approved Station.
But the US real-estate bubble burst in 2008, and from there things went downhill. The recession hit Nevada hard, losing both a lucrative real-estate development industry and its significant tourism market. In 2014, the casino operator was looking to unload some of their Reno land within six years, but wanted to keep the larger 89-acre property in its portfolio. That changed two years later and it, too, went up for sale.
Then the station backed off and decided with another proposal to approach the Reno City Council, one that would include a smaller venue and no hotel. Once again, resistance arose and nothing was ever produced, despite the company receiving the council’s green light. With all the properties now available for new ownership, it seems as if Station could have given up on its renovation in Reno.
Any deal worked out would almost certainly be done at reduced prices, which puts Station’s reasons for making the move into question now. It announced last July that four of its Las Vegas casinos would remain closed as the town emerged from the threat of coronavirus, adding that they could be shuttered for as much as a whole year. Currently the Fiesta Henderson, Fiesta Rancho, Palms and Texas Station are down and are not expected to reopen until 30 June 2021.