I live in Sacramento (about 90 min way). I'm not sure what is bringing you to Reno but if it is just for a get away and not a specific event, I'd go to Tahoe instead. Reno is pretty white trash, at least that is how it is in the strip by the casinos. Not much to do except gamble. It is nothing like Vegas. You can't just walk down the strip and have a good time like vegas. On busy weekends, there is a HUGE biker population that goes there and those guys are no fun to be around when they are all drinking and take over the town. There were a few shootings on the strip and in the casinos recently when 2 biker gangs got into it and just started shooting all over the place. Not many clubs, though that's not really my scene anyway. Not great food. Like someone else mentioned, carson city and the bonanza set were kind of cool but I wouldn't go there just for that.
Tahoe is much cleaner with much more to do than just gamble. You can easily rent a boat to take out on the lake. Emerald bay is beautiful and there is great hiking/ bike riding all over. I'd recommend hiking through desolation wilderness. It is about 20-30 min from the casinos. It has cool, easy trails with lots of waterfalls and a great view down to the bay. Harrah's has a sportsbook better than anywhere in Tahoe and Reno (could be Harvey's, they are righ next to each other and a tunnell connects them). The casino's in both reno and tahoe are kind of quiet now, indian casinos have really cut into their market. Tahoe, at least to me, has a more nature/stoner vibe whereas Reno has more of a meth vibe.
Last time I was in Reno I stayed at Silver Legacy and it was OK. I think it was probably the best place there for me but I won't be sad if I never go back. In Tahoe, don't stay at MontBlue. It used to be Caesars, then they changed the name, sign and lobby but left all the roman crap all over the rooms and halls and it is way overpriced. I like staying at the Horizon. It's decent enough and you can often find deals for 79/night. If you don't mind a little walk or cab ride to the casinos, you may want to check out renting a cabin or getting one of the hotels on the California side. I think it is Embassy suites- but if you're interested I can double check the name of the hotel- that is on a private beach with great views of the lake, really clean and nice and probably 1/2 mile from casinos. There are lots of cabins walking distance from the casinos. Last time I went, we rented a huge house in a gated community with a private beach. It was a little expensive but we split it with 4 other couples/kids. It was something like 2000/week for all of us. It was awesome. about 1/4 mile from casinos. The beach was great becuase it gets crowded in the summer but there was no one anywhere near us, we actually left our kayaks on the beach for a week and they were fine. Again, I can find the name of the community if you're interested.