Jacobs Entertainment now fully owns the Bonanza Inn, closing on the sale on July 29. They acquired the Bonanza Inn through an auction in February after initially saying they did not want to purchase it. However, they showed up at the auction and bid on the property, acquiring it for $3,005,000. Although never publicly stated in any media, there were underlying rumors that certain stakeholders downtown did not want the Bonanza to become a recovery center, and that fueled Jacobs Entertainment's sudden change of heart bidding on the project. Marmot Properties previously had a purchase agreement of $3 million.
I heard there was pushback from the family that owned the Bonanza Inn that the bid was not high enough, and this held up the closing of the property and transfer of it to Jacobs, which makes sense, since the auction happened in February and the deed transfer just now happened in July. The owners had accused the city of Reno of 'railroading' the closure and subsequent sale of the property, which the City of Reno pushed back hard against those allegations. In all fairness, the property was pretty run down.
Jacobs stated he plans to convert the property into 50 workforce housing units. Let's hope the project is started sooner than later now that he owns it.