City Land Deal Comes Through For Reno Casino Firm Jacobs Entertainment
Jacobs Entertainment, a Reno casino owner and operator, has clinched a deal for land acquisition within the city. The council members this week signed a deal of over 3.07 million dollars paid by Jacobs for the properties was. The gaming and hospitality firm based in Colorado saw a vote in favor by the Reno City Council this week. This was in regards to the sale of the two downtown parcels that are privately held by the firm.
The initial submission of a low rung offer by Jacobs saw a reversal where the bid was further sweetened. A breakdown of the 3.07 million dollars includes an amount of 2.44 million dollars that are reserved for West Second Street, which currently houses a parking lot. $631,600 have been reserved for the 290 Keystone Avenue Parcel that currently lies vacant. The potential future sale of either of the properties in the future by Jacobs Entertainment will see Reno gaining 25 percent of the total proceeds.
Garrett Gordon, the attorney for Jacobs Entertainment, stated to the Reno Council that the deal is a win-win project where getting paid in the present is coupled with additional sharing of profits in the future. The Reno casino resort was acquired from Truckee Gaming for 30 million dollars in 2017. The Gold Dust casinos across Carson City, Elko, and Reno are also properties owned by Jacobs.
The downtown properties of Reno saw an initial bid of a paltry sum of 100,000 dollars by Jacobs. The argument given for such a measly sum on offer was the commitment of the casino company in bettering the city of Nevada. A redevelopment initiative by Jacobs named the Neon Line has been in the midst of the deal coming through.
A project of mixed-use, stretching from the Sands Regency to the Keystone Avenue, is the West Second Street Corridor overhaul. Entertainment venues, parks, residences, restaurants, retail shopping, and workspaces will be featured within the pedestrian-friendly corridor that has been planned. There were a few amongst the council members who agreed to a hundred grand for selling out the properties to Jacobs. This was what led to Jacobs upping its ante.