{"id":302331,"date":"2023-12-08T18:11:09","date_gmt":"2023-12-09T00:11:09","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=302331"},"modified":"2023-12-09T19:28:30","modified_gmt":"2023-12-10T01:28:30","slug":"reno-firecreek-casino-plans-put-on-hold","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/","title":{"rendered":"Reno Firecreek Casino Halted Due to Tough Financing Environment"},"content":{"rendered":"

Elevation Entertainment is halting the Firecreek Crossing Resort-Casino plans in Reno, citing a rough financing environment.<\/p>\n

\"Elevation
Downtown Reno, Nevada. Elevation Entertainment is halting plans for the Firecreek Crossing Resort-Casino in the city. (Image: Visit The USA)<\/figcaption><\/figure>\n

The news arrived about a year<\/a> after the company announced plans for the venue. Firecreek Crossing Resort-Casino would have been the newest casino in Reno, following the debut of Legends Bay<\/a> Casino in Sparks last year. Legends Bay is the first from-the-ground-up casino in Sparks in nearly three decades.<\/p>\n

We love Reno, but given the challenging financial market, we are on hold for the time being. If and when the time is right, we would love to bring a first-class product to the market,\u201d said Elevation in a statement to Fox 11<\/em>.<\/p><\/blockquote>\n

The company has several commercial and residential real estate projects, including two California gaming venues. Elevation operates Seven Mile Casino in Chula Vista in San Diego and Stones Gambling Hall in Sacramento.<\/p>\n

Firecreek Casino Plan Meets Macro Reality<\/h2>\n

Elevation didn\u2019t reveal an estimated price for developing the Reno casino hotel. Still, Legends\u00a0Bay<\/a> costs $120 million to build, and other properties in the market have traded for close to $200 million.<\/p>\n

\n

Elevation needs financing to bring Firecreek Crossing Resort-Casino to life, and with interest rates near the highest levels in two decades<\/a>; this\u00a0isn\u2019t the opportune time for companies to borrow large amounts of capital. Additionally, Elevation is privately held, meaning public market equity sales aren\u2019t possible and raising cash via debt markets is difficult.<\/p>\n<\/div>\n

Further compounding the developer\u2019s woes is that defaults on commercial real estate loans are rising, prompting banks to be tight-fisted when extending credit for new, large-scale developments. That situation is amplified for smaller borrowers, such as Elevation, seeking financing for projects in markets banks view as vulnerable to economic contraction. Reno fits that bill.<\/p>\n

Should it eventually come to life, Firecreek Casino will have 201 guestrooms, 48 suites, and a casino; Firecreek will feature a lobby bar, beer garden, multiple restaurants, a food court, and a public park.<\/p>\n

Checkered History of Firecreek Casino Site<\/h2>\n

Should the Firecreek Crossing Resort-Casino eventually open, it will be located at Kietzke Lane and South Virginia Street \u2013 a site home to previously failed gaming venue proposals.<\/p>\n

Before the coronavirus pandemic, Station Casino parent Red Rock Resorts eyed a development nearby. The global health crisis hindered that effort.<\/strong><\/p>\n

The lot on which Elevation was looking to build Firecreek is vacant and acts as a Christmas tree sales venue in December, with little else to speak of for the remainder of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Elevation Entertainment is halting the Firecreek Crossing Resort-Casino plans in Reno, citing a rough financing environment. The news arrived about a year after the company announced plans for the venue. Firecreek Crossing Resort-Casino would have been the newest casino in Reno, following the debut of Legends Bay Casino in Sparks last year. Legends Bay is […]<\/p>\n","protected":false},"author":46,"featured_media":245792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,86438],"tags":[81897,81903,86457],"acf":[],"yoast_head":"\nReno Firecreek Casino Plans Put On Hold<\/title>\n<meta name=\"description\" content=\"Elevation Entertainment pauses Reno Firecreek Casino project amid tough financing climate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reno Firecreek Casino Plans Put On Hold\" \/>\n<meta property=\"og:description\" content=\"Elevation Entertainment pauses Reno Firecreek Casino project amid tough financing climate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-09T00:11:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-10T01:28:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/reno.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/\",\"url\":\"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/\",\"name\":\"Reno Firecreek Casino Plans Put On Hold\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/reno.jpeg\",\"datePublished\":\"2023-12-09T00:11:09+00:00\",\"dateModified\":\"2023-12-10T01:28:30+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Elevation Entertainment pauses Reno Firecreek Casino project amid tough financing climate.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/reno.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/reno.jpeg\",\"width\":1280,\"height\":720,\"caption\":\"Downtown Reno, Nevada. Elevation Entertainment is halting plans for the Firecreek Crossing Resort-Casino in the city. (Image: Visit The USA)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Reno Firecreek Casino Halted Due to Tough Financing Environment\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Reno Firecreek Casino Plans Put On Hold","description":"Elevation Entertainment pauses Reno Firecreek Casino project amid tough financing climate.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/","og_locale":"en_US","og_type":"article","og_title":"Reno Firecreek Casino Plans Put On Hold","og_description":"Elevation Entertainment pauses Reno Firecreek Casino project amid tough financing climate.","og_url":"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2023-12-09T00:11:09+00:00","article_modified_time":"2023-12-10T01:28:30+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/reno.jpeg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/","url":"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/","name":"Reno Firecreek Casino Plans Put On Hold","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/reno.jpeg","datePublished":"2023-12-09T00:11:09+00:00","dateModified":"2023-12-10T01:28:30+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Elevation Entertainment pauses Reno Firecreek Casino project amid tough financing climate.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/reno.jpeg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/reno.jpeg","width":1280,"height":720,"caption":"Downtown Reno, Nevada. Elevation Entertainment is halting plans for the Firecreek Crossing Resort-Casino in the city. (Image: Visit The USA)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/reno-firecreek-casino-plans-put-on-hold\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Reno Firecreek Casino Halted Due to Tough Financing Environment"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/302331"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=302331"}],"version-history":[{"count":4,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/302331\/revisions"}],"predecessor-version":[{"id":302573,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/302331\/revisions\/302573"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/245792"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=302331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=302331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=302331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}