Stone said Elevation is under contract to purchase both parcels, which are a few blocks south of the Atlantis Hotel Casino. The company, when it was known as Station Casinos, once proposed building a casino at the same location that didn’t include a hotel. “It’s super hard to find these types of development deals,” Stone said about the location that includes an 8-acre parcel currently owned by Las Vegas casino operator Red Rock Resorts. Three months after Legends Bay Casino opened in neighboring Sparks, the developer said Reno is ready for a new casino project. Reno has been on this 10-year demographic growth,” Stone added. “Reno was kind of left alone until Elon Musk came in and decided to put the (Tesla) battery factory there. They kind of cannibalized the Northern California market,” Elevation CEO Ryan Stone said Monday, describing how California tribal gaming changed Northern Nevada’s economic trajectory in the early 2000s.

“Reno was a great gaming market until Thunder Valley (Casino Resort) was built in Sacramento. The company submitted plans to the City of Reno for a 200-room hotel-casino to be constructed on a long-touted but still empty 20-acre site near the Reno-Sparks Convention Center, at the intersection of South Virginia Street and Kietzke Lane. San Diego-based Elevation Entertainment wants to end a three-decade drought for casino development. Reno hasn’t seen an all-new resort-casino built since 1995 when the former Eldorado Resorts and the former Circus Circus Enterprises got together to open Silver Legacy.

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