I don't know… I lived in Vegas for a few years and had a fun time, but I really didn't enjoy Reno. I only got to spend 1 weekend, and then 1 other night there so I can't say I saw everything but I felt like it was a disappointment after spending time in Vegas. It isn't much cheaper and there is so much less to see.
The only real benefit is that there are some cool ghost towns and natural stuff nearby (I mean it is very close to Lake Tahoe so it can be a nice short add-on to a trip). Other than that though, I find it a disappointing place to party or gamble.