A Chicago-based development company has agreed to buy Fitzgeralds Casino and Hotel in downtown Reno for an undisclosed price.
Managing partner Fernando Leal of L3 development says the company plans to turn the aging resort into a boutique hotel-casino.
L3, which specializes in renovating commercial properties, is converting the former Golden Phoenix Hotel and Casino in downtown Reno into retail units and a 380-unit condominium tower that will be known as the Montage.
While plans call for Fitzgeralds to be run by an outside operator, Leal says other details have not yet been worked out.
The agreement lists L3 affiliate DRW Nevada LLC as the buyer of record, and requires the sale to be completed by October 31st.
The 351-room hotel-casino is the last of four owned by Fitzgeralds Gaming Corporation to be sold off after the company filed for Chapter 11 bankruptcy protection in 2000.
A court-appointed supervisor, Jeffrey Gilbert, will continue to run the casino for creditors until the sale is completed.