Reno Hilton to Change Ownership

Caesars Entertainment agreed to sell the Reno Hilton to the Grand Sierra Resort Corporation for $150 million. The Reno Hilton in Nevada has almost 2,000 hotel rooms, 10 restaurants and a 107,000-square-foot casino. Caesars, based in Las Vegas, has been selling resorts ahead of its acquisition by Harrah's Entertainment in a $5.18 billion deal that will create the world's largest casino company. Caesars and Harrah's sold four casinos to Colony Capital for $1.24 billion last month, and Caesars has said it may sell a casino at Lake Tahoe in Nevada. Grand Sierra, a closely held company based in Nevada, said it would add an indoor water park to the Reno resort.