Jacobs Entertainment is bowing out of the Bonanza Inn race.
The Reno Neon Line District developer confirmed Wednesday morning it is no longer actively seeking to acquire the downtown property.
Jacobs, which also owns the J Resort hotel-casino — formerly the Sands Regency — announced its plans to bid on the former motel back in November.
“We are constantly reassessing our options for the best investments to revitalize Reno’s downtown and deliver quality, affordable housing options in Reno’s Neon Line District,” said Jeff Jacobs, CEO of Jacobs Entertainment.
“As we have conducted our due diligence on the possibility of acquiring the Bonanza Inn, our assessment is that we can deliver greater impact by pursuing other opportunities and partnerships.”
What’s driving interest in Reno’s Bonanza Inn?
The Reno Gazette Journal first reported on the Bonanza Inn being listed for sale in January 2022.
Prior to the sale, the aging motel had been cited by the city of Reno and was not allowed to accept new tenants. The inability to generate additional revenue caused one of the owners to allege that they were being “railroaded” by the city. The city denied the allegations and stressed that it cited the property for safety reasons.