The legendary Fitzgeralds casino in downtown Reno has been teetering on the brink for a while now, undergoing ownership changes and a number of planned redevelopments.

But after a 32-year run, the property is now closing its doors. It’s not what president Robert Cashell Jr., wanted. In December 2007 he told Global Gaming Business that the property was an integral part of the downtown redevelopment movement in the city. Over the last year, his opinions have changed.

“We certainly didn’t make this decision lightly,” he said. “But given the status of the economy and where downtown redevelopment is headed, we think this property can play a strategic role in that future of Reno and now seems like the right time to undertake that direction.”

What that direction will be is unknown, but it is not likely to involve gaming. The best guess is that a smaller, boutique hotel will open at the site.

The announcement puts about 400 people out of work in a difficult economy. The casinos in Northern Nevada are already hurting as the economic situation has forced many people from the primary feeder market—Northern California—to stay closer to home and frequent tribal casinos instead.

By Casino Connection Staff