Eldorado Resorts announced today that it expects to invest more than $50 million in facility enhancements to Eldorado Reno, Silver Legacy, and Circus Circus Reno. Eldorado’s master plan for the three connected properties, which span eight city blocks in downtown Reno, will be phased over three years, commencing in the fourth quarter of 2016. In addition to the renovation of over 4,100 guest rooms, each of the three resorts will introduce new restaurant concepts, reinvigorated nightlife, and resort amenities, including a new full service Luxury Spa, creating a new standard of lodging in the city. The Reno properties’ upgrade announcement comes on the heels of the company’s recent agreement to acquire Isle of Capri Casinos, which, upon closing, will significantly diversify Eldorado’s operations geographically and financially.
Reno is experiencing a strong economic upturn and a travel, tourism and cultural renaissance with healthy year-over-year growth. Expanded airline service to and from Reno combined with improvements in housing values, higher employment rates, increased recreational activities, an emerging food and art scene, as well as a variety of year-round cultural events, has created extraordinary excitement for both locals and tourists in the destination. In addition to Reno’s strong ties to gaming, entertainment and tourism, the city’s attractive economic environment is drawing diversified commerce with leading data centers, startups, technology, clean energy and healthcare companies moving their businesses and adding employees to the region.
“Downtown Reno’s renaissance and re-emergence as a vibrant growing economy has been remarkable and as the leading gaming and lodging operator in the market Eldorado Resorts has and will continue to benefit from the increased economic, tourist and local activity,” said Gary Carano, Chairman and Chief Executive Officer of Eldorado. “Eldorado is a legacy operator in the market, having owned and operated Eldorado Reno since 1973. We acquired the remaining 50 percent interest in the Silver Legacy Resort Casino Reno, as well as all of the assets of Circus Circus Reno last summer based on our extensive knowledge of the Reno market and the surrounding region and the emerging recovery which is attracting new businesses that are catalyzing long-term economic support. Since then, we have undertaken detailed analysis and design work to develop a comprehensive master plan for our Reno Tri-properties focused on significantly elevating the gaming, entertainment, food and beverage and other amenities we bring to guests with a concurrent focus on generating an attractive return on our investment.
The master plan and $50 million investment announced today will allow us to further integrate the guest experience among our three connected properties to deliver an enhanced and seamless luxury resort environment for our valued guests. We are excited to be starting construction later this year which will also contribute to the market’s employment and economic strength and believe that all of our constituents, including guests, employees, shareholders and the local market will benefit from our strengthened Reno operations.”