Landmark Lake Tahoe casino bought, renovation planned

CRYSTAL BAY, Nev. (AP) — A California developer has acquired the 75-year-old Tahoe Biltmore Lodge & Casino, paying $56.8 million for the property at the California-Nevada line on Lake Tahoe’s north shore.

The Newport Beach-based real estate firm EKN Development Group said in a statement it will continue to operate the 113-room hotel and 100-slot casino while finalizing plans for further development of the 15-acre site.

EKN said it intends to turn the property “into a branded marquee destination for both locals and visitors.”

The 1940s building has a rustic facade of shingles and river rock. Its landmark sign — a distinctive construction of tilted posts and rings — towers over the parking lot.

Records at the Washoe County Recorder’s Office show the transaction closed Sept. 16. EKN acquired the property from Boulder Bay LLC, which bought it in 2007 for $28.4 million.

Boulder Bay unveiled redevelopment plans for the property the following year that were eventually approved in 2011 despite some community criticism. But the project stalled amid funding concerns.

The Biltmore is a short walk from the Cal Neva, a storied celebrity hangout once owned by Frank Sinatra. Shuttered since 2013, the casino on the state line was bought out of bankruptcy in 2017 by Oracle co-founder Larry Ellison. No news on redevelopment plans has been released since 2019.

The stateline cluster also includes Jim Kelley’s Tahoe Nugget and the Crystal Bay Club.

Go to Source
Author: The Associated Press

Leave a Reply

Your email address will not be published. Required fields are marked *