Our very first year in Reno was at the Sands. It was cheap. Kinda rundown by comparison. They've upgraded some, but not enough to make me want to stay there again.
Also, I wouldn't walk anywhere from there as you will encounter some pretty rough looking folks. It's been scary enough picking up bracket money there and walking to my car in the parking lot...
I've had good stays at both the Peppermill and Atlantis, and both were a short drive to the stadium. If you have a car they are easy choices. I don't like to rely on shuttles to the stadium. Too many bowlers with too many bags going to the same place at roughly the same time before each squad.