RENO, NV - A new concert venue is headed to Reno, and it could be the answer to downtown's economic slump.

"The Knitting Factory" is slated to open on South Virginia and Second Streets by New Year's Eve. This will be the concert company's fifth location, following Boise, Spokane, New York and Hollywood.

Currently, a one-million dollar re-model is taking place in the old "Rocky's Sports Pub" across from Harrah's. Soon, it will house a 20 by 30-foot stage, two full bars, a VIP lounge and balcony, plus a full restaurant.

"I expect 250 to 300-thousand people a year down here for shows. Those people will eat and drink before the show, after the show, maybe gamble a little over at Harrah's. I think they'll be hitting up Awful Awful Burger on both ends of our shows. A lot of places will be impacted by us," said General Manager, Dean Hanson.

"The Knitting Factory" was named after it's first New York City venue, which was located inside an old sweater-making factory warehouse. But the Reno venue has nothing to do with making clothing.

Instead, locals can expect to see several big-name concert shows a week, along with everything from comedy acts, to poetry readings, to opera. The GM says tickets will cost between $6.00 AND $45.00, depending on the act.

In order to open on December 31st, the venue will first need to hire twenty full-time workers, along with about 100 part-time employees, including bartenders, stage hands, and ticket sellers.

For more information, head to www.knittingfactory.com.