Vision of water slides

Others saw only a casino.

But the Reno Hilton's family destination potential, coupled with Reno's positioning of itself as an adventure capital, caught the eye of the group that's forking over $150 million for the Hilton casino hotel, says David Wasick, its Reno-based attorney and spokesman.

The group envisions a Lake Tahoe lodge theme, an indoor water park, and a renovation of the hotel's existing midway arcade, luxury spa, bowling, restaurants and amenities, as well as a 217- unit condominium and retail center.

Projects like this along with the proposed Cabela's in Verdi and the 123-acre retail destination project under discussion for the Sparks Marina area add more credibility to the rebranding of the area as America's Adventure Place, says Deanna Ashby, executive director of marketing of the Reno-Sparks Convention & Visitors Authority.

"It fulfills on that promise and our long-term goal of rebranding."

The Hilton's acreage and potential attracted the attention of Thomas J.

Schrade, Floridabased developer of casinos, theme parks and commercial sites, who spearheaded the Three Corners Development in Owatonna,Minn., the site of a Cabela's 150,000-square-foot megastore.

Schrade pulled together a group of investors and developers from around the nation.

Organized as the Grand Sierra Resort Corporation, the group entered into a definitive agreement with Hilton owner Caesars Entertainment, Inc.

last week, and is now working to finalize the complexities of the transaction, as well as procure the required approvals both gaming and development.

The Grand Sierra Resort team includes Roberts Pace, Jr., chief executive officer and president of Minnesota-based Central Group Companies, a consultant and development firm whose credits include motels at Cabela's locations as well as the Cabela's Water Park at Owatonna,Minn., along with numerous hotel projects.

The group also includes among other heavy hitters Terry Ramaker, chief executive officer of Wisconsinbased Ramaker & Associates, Inc.

and Ramaker Design Build, Inc., a waterpark engineering firm.

"They've all worked together in the past, says Wasick."Maybe not all on one project, but they all know each other."

They travel in the same mega-development circles.

"And they've been looking at the Hilton for some time," adds Wasick."It's a unique piece of property."

The group is ready to put another $600 million to $700 million on the table, he says, to take the Hilton property from its current hotel/casino state to the Grand Sierra vision of a family destination resort.

When the money has all been moved and the papers all signed, then construction can begin on the project's first phase, the water park.

The rest of the resort hotel, condominiums, and retail, all center around the park, says Wasick.

They'll come in later phases.