Fitzgerald's Casino/Hotel, a Reno landmark since 1976, will close on Nov. 30 with nearly 500 employees out of work.
Casinos will disappear forever, although they are expected to reopen two or three years after completing extensive renovations. Instead, there are plans to replace casinos with entertainment facilities on the third floor, including retail, restaurants and convention spaces. The hotel has not been released yet, but it will reopen as a boutique hotel under a different name. Reno's declining gambling market is part of the problem caused by more than a year of declining earnings. Other factors that have contributed to the decision are increased competition with California tribal games and the overall U.S. economic crisis. "Games are very capital intensive, competitive, and highly regulated," said Fernando Leal of L3 Development, which is developing the project. "And we think there's a lot of great gaming facilities in the immediate area. So we're going in a different direction. And I think our delivery will complement those facilities and provide a different experience than the marketplace."