Caesars has announced that they will sell their Harrah’s Reno Hotel and Casino to an affiliate of CAI Investments for $50 million. Caesars will continue to operate the property until the second half of 2020, a time during which it will continue to be part of the Caesars Rewards network. The property will apparently be developed into a non-gaming 20-story boutique hotel and mixed-use development.

“We recognize the long legacy of Harrah’s in Reno, where the brand began 82 years ago and our role in the community. We are pleased the Buyer (CAI Investments affiliate) is committed to the community and supports the redevelopment of this wonderful asset. We have worked closely with the Buyer to provide a reasonable closure plan that allows our great staff in Reno ample time to secure their next jobs, including priority consideration for relevant openings at our other properties in Nevada, including Lake Tahoe and Las Vegas,” said Tony Rodio, CEO of Caesars Entertainment, in a news release.

You can read more about the sale of their Harrah’s Reno property at Yogo Net.