I haven't found a real to-die-for steak in Reno yet, but here is some advice.

I haven't been to the Peppermill Steak House number_6 mentions, but the other Peppermill restaurants I've been to have had very high-quality food.

The steak house at Circus Circus has always been reliable (but not as good as the one at Circus Circus Las Vegas, which serves dry-aged beef). Since you're interested in deals, this might be a good choice--even without betting a penny, a 'One Club' membership (sign up in the basement) will get you a hefty discount (I believe 20%, and I believe that includes beverages) on your meal. At some other places (e.g., Peppermill) require a minimum level of play to get a discount.

Although not strictly a steak place, Bricks has very good food, and almost always seems to have a steak on the menu.

Louis' Basque Corner has decent steak, which comes as part of a flat-rate package (you'll get soup, salad, beans, fries, a glass of wine, and a choice of ice cream or cheese)--you typically have your choice of steak, lamb, beef tongue, and one or two other meats for the main. Family-style dining, so when it's busy (pretty much whenever they're open), you'll end up sitting next to some other people at the big tables.