Alas, Bally's is now the Reno Hilton, and the lunch buffet I tried one day was, with the exception of surprisingly delicious sausages and potatoes, awful.
We did have several decent meals, though. Here are the places I'd recommend, even if none were home runs.
Louis's Basque: American and Basque food served communally with a rotating menu. The standout was the oxtails, but the vegetable soup and salad were also fine. Perhaps we were just lucky, but our neighbors on either side of us were delightful and helped make the evening enjoyable.
Bangkok--A much better than average Thai restaurant. Very popular.
Luciano's--an average plus Italian restaurant with homey food.
Sapna--an Indian restaurant that featured several excellent Southern Indian dishes, particularly the dosas. Everything tasted homey and fresh, if unevenly spiced.
Peppermill Coffee Shop--by the same folks that brought you the fab Peppermill in Las Vegas.
All these restaurants were most reasonably priced, and only Luciano's is likely to exceed $20 for food.
By the way, Sue, the buffets that seemed to be most highly touted were the Nugget's and the Silver Legacy's.
re: Dave Feldman
Reno resident here - Although the buffets are plentiful here in Washoe Valley, your better bets are the small, locally owned restaurants listed below.
Breakfast: Deux Gros Nez, a quirky cafe offering everything from excellent homemade baked goods (famous for their scones), steamed eggs, any variety of fresh fruit juices, frappes, smoothies (called dynaflows) and of course, some darn good coffee. They specialize in mostly vegetarian fare and are open late with beer and wine on offer.
Lunch: Just below Deux Groz Nez is the Cheesboard & Wine Cellar. As their name indicates, a good variety of cheese is available, but their sandwiches and salads are generally excellent.
For a quick lunch also try Blue Bounty or Newmans Deli.
Cafe Soleil has one of the more consistently inventive menus in town. California Cuisine leaning towards Italian. Luciano's, recommended elsewhere, is a good solid Italian place as is La Vecchia Varese. For Vietnamese food I prefer Golden Flower or, if you can handle the seedy surroundings, Pho 777.
Sapna is a good Indian restaurant. Great Mexican food can be found at Beto's for quite low prices and, slightly more expensively at MiCasa Too.
Hope this helps