That budget also included Jacobs purchasing and fully renovating four motels and apartments located in the Reno Neon Line District. The property’s Aspen Tower was fully updated in part of a $150 million refurbishing. Sands Regency recently underwent a substantial renovation to bring the casino hotel up to date. The condo site will remain under the ownership of the casino. Jacobs revealed that the two apartment buildings, once completed, will be offered for sale to interested realty groups. Both locations are set to become residential complexes. The company paid $2.44 million for a parking lot adjacent to Sands Regency, and $631,600 for the vacant 290 Keystone Avenue parcel. Jacobs Entertainment in July entered into an agreement with the city to acquire two parcels in the planned district. The Neon Line District stretches from downtown Reno’s West Street to Keystone Avenue, and from Interstate 80 south to W. The company currently operates Sands, as well as Gold Dust West casinos in Reno, Carson City, and Elko, and The Gilpin and Lodge casinos in Black Hawk, Co. The casino company unveiled its $1 billion Reno Neon Line District vision in 2019. Jacobs Entertainment is embarking on one of the largest mixed-use development initiatives in the history of Reno. The second apartment building is being targeted further west at the convergence of 4th, Keystone, and 3rd streets. 5th Street between Washington and Ralston streets. One complex will be built just south of W. Jacobs additionally announced two apartment projects in the district. Jacobs says it will develop, own, and lease the condos. The location is just south of its Sands Regency casino, between W. Jacobs Entertainment CEO Jeff Jacobs confirmed over the weekend to the Reno Gazette-Journal that a new condominium complex with 130 units will be developed. Jacobs Entertainment, the owner of the Sands Regency Casino and the primary driving force behind the district development, says its first step in making the project a reality involves building a condominium complex and two apartment buildings. A map showcasing the borders of the Reno Neon Line District is seen. The company is the owner and operator of the Sands Regency Casino Hotel. Jacobs Entertainment unveiled three components of the company’s $1 billion Reno Neon Line District undertaking in the Nevada city. Commercial Gaming, Entertainment, Novelty Betting, Politics.
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