April 5, 2011 > CA company completes purchase of Reno resort
CA company completes purchase of Reno resort
Submitted By AP Wire Service
RENO, Nev. (AP), Apr 01 - A California investment company has completed the purchase of the largest hotel-casino in northern Nevada.
KTVN-TV reported Friday that the Meruelo Group completed its acquisition of the Grand Sierra Resort and Casino in Reno. Terms of the deal were not announced.
The Downey, Calif.-based company has said key investments will be made to upgrade rooms and suites, and improve the casino design and gambling options.
The Meruelo Group announced its plans to buy the Grand Sierra in February.
The 145-acre property with 2,000 rooms was the world's largest hotel-casino when it opened as the MGM Grand in 1978.
Since 2008, it had been owned by a subsidiary of JPMorgan Chase & Co.
The Meruelo Group owns five construction and engineering firms in the southwest U.S., and many restaurants in California.
Information from: KTVN-TV, http://www.ktnv.com