Jacobs Entertainment has decided to demolish the Bonanza Inn, citing the high cost of renovating the blighted property.
Jacobs Entertainment is changing its plans for the Bonanza Inn, opting to demolish the West Fourth Street property instead of renovating it due to higher than expected costs.
The demolition will allow for the development of a new and larger project at the site, according to the Reno Neon Line developer and J Resort owner. Jacobs Entertainment confirmed the demolition plans for the troubled property with the Reno Gazette Journal on Thursday.
“Given the recent increases in construction costs, renovation is no longer a financially viable pathway forward,” the J Resort said in a statement. “As a result, Jacobs Entertainment is filing a demolition permit to allow for future construction with a larger scope than initially planned.”
Jacobs acquired the Bonanza Inn in February 2024 by bidding $3,005,000, beating developer Marmot Properties’ bid for the property by just $5,000.
Originally opened in 1968, the Bonanza Inn has gone through hard times in recent years and was shut down prior to Jacobs’ acquisition after failing inspections. The Bonanza Inn was listed for sale in 2022.
Jacobs previously planned to renovate Bonanza Inn into ‘The Breeze’
Back in April, Jacobs Entertainment announced plans to remodel the Bonanza Inn into a 57-unit workforce housing development called The Breeze.
At the time, Jacobs also stated that remodeling the project would require assistance from the city of Reno in the form of tax increment financing or TIF.
“I’m making a public commitment to keep rents below market rate for at least the next 20 years,” CEO Jeff Jacobs told the Reno Gazette Journal on April 17. “But when you do that, the brick still costs what it costs, the roof still costs what it costs.”
Jacobs said he remains committed to building 65 additional units on West Second Street on behalf of the Reno Housing Authority. The project is in the predevelopment phase, according to the company.
The Reno Housing Authority typically helps households that fall under 50% of the area median income. For Washoe County, the median family income for fiscal 2025 was $111,800, according to the U.S. Department of Housing and Urban Development.
Jacobs previously announced that Gibson Apartments and Renova Flats properties will be turned into 100% workforce affordable housing, adding 68 more units to downtown Reno.
Jacobs also moving forward with youth sports fields
Jacobs Entertainment also confirmed that it will submit permits for its youth sports project. It announced in October that it will be creating a traveling youth sports association centered on downtown Reno.
Plans for the Downtown Reno Amateur Sports Association include the construction of up to 12 fields for sports such as soccer and lacrosse over the next six years.
The project will start with four fields on Jacobs Entertainment land:
- Two fields for 7-by-7 soccer games
- Two larger fields for 9-by-9 games and 7-by-7 games plus youth lacrosse
The fields will have perimeter fencing and nets that can be raised up to 20 feet during games.
The J Resort and the Downtown Reno Amateur Sports Association are working with the Reno Apex Soccer Club on their 2026 travel youth soccer schedule. The tournaments are planned to run for more than 10 weeks, and will be expanded in 2027 to run over 12 to 14 weekends.
“In addition to providing much needed capacity for youth sports, we believe these fields will drive significant revenue to local hotels, restaurants and other entertainment experiences that Reno is already known for,” said Jonathan Boulware, Jacobs Entertainment’s vice president of Nevada operations.
“Travel youth sports is a multibillion-dollar industry. The average youth sports family spends nearly $1,500 a year on hotels and tournaments. These new fields will help us capture some of that revenue here in Reno.”
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source www.rgj.com ’
