Pyramid Highway, Sparks, Nevada | Investor & Partner Market Insight

Deal Overview

Peppermill Casinos has acquired the site of the former Lazy 8 hotel-casino project in Sparks, Nevada from Red Hawk Land Co. for $27.5 million, according to the Washoe County Recorder’s office. The property comprises 10 vacant parcels totaling approximately 21 acres, located at the intersection of Pyramid Highway and Tierra Del Sol Parkway in Spanish Springs.

Red Hawk originally purchased the land in 2007 for $2.97 million, meaning the property has appreciated roughly 9.3x over nearly two decades—a strong indicator of long-term growth potential in the northern Nevada real estate market.

Project History

The Lazy 8 was originally a $100 million (approximately $170 million in today’s dollars) hotel-casino project jointly proposed by Nevada lobbyist-developer Harvey Whittemore and Peppermill during the peak of the 2005 real estate bubble. Plans included an 18,000 sq. ft. casino, 200 hotel rooms, a movie theater, spa, 350,000 sq. ft. of total building space, and 1,500 parking spaces.

The project faced significant community opposition, including a 5,000+ signature petition, rejection by the Sparks Planning Commission (4–3) and City Council (3–2), and a series of complex lawsuits involving the city, competing casinos, and eventually the project partners themselves. All litigation was resolved by 2013.

Whittemore’s Conviction & Subsequent Developments

A year after the settlement, Whittemore was sentenced to federal prison in 2014 on charges of unlawful Senate campaign contributions, according to the Department of Justice. He was released in 2016 after serving his sentence.

The Lazy 8 site remained dormant until 2021, when Red Hawk filed a legal land-use and surveying document confirming its ownership of the site’s main parcel—the first notable activity on the property in years. The Reno Gazette Journal has reached out to Peppermill Casinos for comment on the acquisition.

Investment Implications

Land Appreciation: $2.97M to $27.5M (~9.3x) reflects the robust long-term growth trajectory of northern Nevada’s commercial real estate market.

Strategic Intent: Peppermill was the original co-proponent of the Lazy 8 project. Sole acquisition of the site after 20 years strongly signals potential revival of a gaming development.

Changed Regulatory Landscape: The community and regulatory environment has evolved significantly over two decades, with population growth and changing development dynamics potentially improving approval prospects.

Reno-Sparks Growth: The Spanish Springs corridor has seen rapid expansion as part of the broader Reno-Sparks metropolitan growth, enhancing the commercial viability of the site.

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Source: Reno Gazette Journal (Jason Hidalgo) | Feb 4, 2026