Reno Redevelopment Agency, comprising Reno City Council members, approved a financial gap analysis and deal negotiations for Grand Sierra Resort’s proposed $1 billion development. This includes a $380 million arena, dependent on tax-increment financing. The arena is planned to host Nevada men’s basketball games and potentially a minor-league hockey team. The analysis by Hunden Consultants will assess the project’s costs, revenue streams, and financial feasibility, with an expected cost of $90,000.
The project aims to attract nearly 554,000 people annually with various events. It will include a satellite ice rink, parking garage, new hotel rooms, and affordable housing units. TIF financing would allow the GSR to recoup increased property-tax revenue. The requested 20-year extension of TIF benefits through 2055 would require state approval.
The full $1 billion development is projected to generate $349.1 million in incremental property tax revenue over 30 years. The project would have a $4 billion economic impact, creating 671 jobs. GSR’s owner, Alex Meruelo, sold the Arizona Coyotes and is now pursuing the arena project. The resort plans to start construction this spring.
Andrew Diss, senior VP of Meruelo Gaming, expressed readiness to proceed with the project. The GSR aims to break ground on the arena this spring and relocate Hot August Nights events. The ambitious project, first unveiled in September 2023, requires public assistance for financial viability. The City of Reno plays a key role in approving the project, moving it closer to fruition.
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