It's fine here. Reno's main claim to fame, aside from gambling, is that it's home (along with nearby Carson City) to many legal brothels, that all offer bachelor party packages. Google Legal Brothels in Nevada for the list, there's also boards in the USA dedicated solely to the biz there,
http://sex-in-nevada.net/smforum/index.php is the best known one.
There's a half dozen strip clubs in town, none of which I have been to, I'd check out tuscl.net for info on those.
Overall, Reno is low-rent Vegas, and it's harder to get to, you need to fly through Seattle usually, the hotel/casinos in general are smaller and less impressive. So, unless you want to try the brothel scene, Vegas is usually a better bet. If you join the MLife and Total Rewards lists, hotels are running from 19 to 79 per night. Reno will likely be about the same.