Jacobs Entertainment to acquire Sands
June 26, 2017
The Sands Regency will soon be under new ownership.
Jacobs Entertainment Inc., a developer, owner and operator of gaming and entertainment facilities in the U.S., is in the process of acquiring Sands Regency, located at Fourth and Arlington streets in downtown Reno, as well as a number of other properties in the Fourth Street area, with plans to revitalize the area.
The company is headquartered in Golden, Colo., and owns the Gold Dust West casinos in Reno, Carson City and Elko. The Gold Dust West in Reno is located just a few short blocks from the Sands Regency.
"We decided to expand our economic development efforts in the Fourth Street area," Jacobs said.
According to Jacobs, the company is purchasing the Sands Regency for more than $30 million and expects to "get the keys" on July 1. They plan to refurbish the property and possibly expand the hotel and casino down the line.
In addition to the Sands purchase, the company is also in the process of acquiring land, motels and small storage buildings. Jacobs said they have invested about $70 million in the area and they hope to create a district that's anchored by the Sands Regency.
"We want to create a reason for people to come back to visit downtown Reno and create a district," he said.