(Thanks to Travelzoo for this heads up):
Something called TripReservations.com is offering rooms at the Sands Regency in Reno for $5 per night Sun-Thurs through May 26th (that’s the Sands Regency, not the Sands).
I took advantage of a similar deal 2 years ago, staying at that hotel for $13 (upon checking in, they offered my wife and I a suite for $35, which I turned down because I thought that a $13 hotel room was a better story). The hotel is perfectly functional and right downtown. My wife said it best: "This room is worth at least $39."