GSR to host groundbreaking ceremony of new arena project on September 30
The resort casino originally filed a new construction permit with the city of Reno in July, part of a multi-phase plan projected to cost approximately $1bn, including $786m for the first phase.
Key Points
- Amenities featured within the arena project include a 10,000-seat capacity arena, community ice rink, food and beverage options and a 2,400-spot parking garage
- The Reno Redevelopment Agency approved the GSR for tax increment financing in May to help fund the project, set to be paid back through future increases in tax revenue
The Grand Sierra Resort (GSR) in Reno, Nevada will host an official groundbreaking ceremony for its $1bn arena project on September 30, set to include a 10,000-seat capacity arena, community ice rink, food and beverage options and a 2,400-spot parking garage.
“This project will be a transformative addition to our resort, the University of Nevada and the Northern Nevada region,” the GSR said as part of the release.
The Reno Redevelopment Agency approved the GSR for tax increment financing in May to help fund the project, set to be paid back through future increases in tax revenue. The resort casino originally filed a new construction permit with the city of Reno in July, part of a multi-phase plan that will cost an estimated $786m for the initial work beginning on September 30.
Under Nevada law, tax increment financing projects must be built in designated redevelopment areas that are “suffering from blight.”
Good to know: Authorities reported a gunman opened fire on July 28 inside the Grand Sierra Resort, killing two people and leaving three others injured before being taken into custody and transported to a local hospital
GSR will be reimbursed for 90% of its property tax while the agreement is in place, as the Reno Redevelopment Agency is set to keep 10% of the property taxes until 2035 when the tax increment financing comes to an end.
The GSR arena is projected to be completed in the late summer of 2027, and will begin hosting live events and home games from the University of Nevada, Reno men’s basketball team in the fall/winter.
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