Oracle Billionaire Larry Ellison Intends to Reopen Cal Neva as Five-Star Casino Resort
Posted on: October 31, 2018, 01:00h.
Last updated on: October 31, 2018, 01:00h.
If you thought billionaire Larry Ellison was going to scrimp on the next chapter of the historic Cal Neva casino resort, think again. The Oracle founder has told the Lake Tahoe Regional Planning Agency that the idea is to bring the Lake Tahoe property back to its former grandeur.
Lake Tahoe Regional Planning spokesman Tom Lotshaw said representatives from Ellison’s real estate firm have proposed renovating the 10-story hotel, demolishing the deteriorating single-level lodge, and adding a new two-story complex in its place to house a casino, spa, conference center, and several restaurants.
This is just a great opportunity for a great, iconic site up on the north shore,” Lotshaw told ABC 8.
Famed for once being owned by Frank Sinatra and a Rat Pack hangout, Cal Neva has sat vacant since 2013 after a renovation fell into bankruptcy. Ellison acquired the resort in January for $35.8 million. Of the purchase price, $27 million will go to outstanding creditors.
Next Chapter, Next Celebrity Owner
Cal Neva opened in the late 1920s, with the current main lodge being built in 1937 following an arson. The casino became well-known after the Kennedy family made it a favorite summer vacation spot in the 1950s.
Sinatra became a part-owner in 1960, two years before Marilyn Monroe would spend her final weekend alive at the resort. Sinatra purchased the property with fellow celebrity Dean Martin, but also known Chicago mobster Sam Giancana.
The list of stars who frequented Cal Neva was a who’s who of Hollywood and Las Vegas. But Sinatra’s relationship with Giancana led to the feds keeping tabs on the casino resort. The Nevada Gaming Control Board suspended Ol’ Blue Eyes’ gaming license in 1963, and he later sold.
Ellison’s ownership tenure continues Cal Neva’s star-studded history. The 10th richest person in the world with a fortune worth nearly $60 billion, Cal Neva will be the software tech magnate’s first foray into the gaming industry.
North Shore Back on Map
The Lake Tahoe Regional Planning Agency said in a review of the site plans that the reimagination of Cal Neva would attract new visitors to Lake Tahoe’s North Shore. “The project is expected to bring significant environmental and economic benefits to the region,” the agency stated.
Cal Neva became a world-renowned gaming and entertainment establishment” under Sinatra’s ownership, the report continued.
The Nevada Gaming Control Board reports that there are just three casinos in the Washoe County North Shore area. They include the Grand Lodge, Crystal Bay, and Tahoe Biltmore. Combined, the properties offer about 750 slot machines, and 40 tables games.
Over the last 12 months, gross gaming revenue in the North Shore totaled a little more than $26.5 million.
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Last Comments ( 24 )
I have alway's had the highest reguard for the Cal/Neva casino & lodge. I'm not a big shot or anything like that, but have always loved the low key nature of the North Shore of which Cal/Neva always played a large roll in keeping North Shore special.Please give me a heads up when the grand opening is announced. I would love to be part of such a momentous occasion if at all possible & include a guest stay as well. Thank You for taking on the task of restoring her to her former beauty. Sincerly, Dennis Rae Wright out of Sacramento (916)752-1248 4510 Custis Ave 95822 [email protected]
I was married there 24 years ago in the Indian Room. It has such nostalgic feelings for me. Aside from that, the Indian room is a historic part of the hotel. I hope that there is a way to preserve the historic part of the hotel while breathing life into the other parts. No doubt, years ago. it seemed evident that the resort was needing some TLC. I'm wishing for a renovation that is conducted with consideration to the historic esthetics that Cal Neva brings to Crystal Bay.
I guess they're going to tear down the cabins and the main building. Build a new building and turn the ten story hotel building into a super expensive hotel. In essence, you got to be super rich to stay there!
I managed a band that played at the Crystal Ship At Heavenly Valley in 1969 on New Year's Eve. We rented a house in Incline Village and Ca Neva was the first Casino I ever went to. I so remember because it was a special place. Now I have friends that own a summer home in Incline. I will be camped out at the front door.
It's a pity they demolished the cabins. That's what made it unique, as well as historic.
I was there in the summer of 1957 (all summer) and would love to visit and revisit! Please let me know when grand opening will be. jim kosmyna
Is the Cal Neva gong to re-open?
When are you going to be open for business?
Any updates on the reopening would be greatly appreciated. Lori Herek
I am a long time visitor to CalNeva, and knew it was special before I knew why. My hope it the cozy, intimate feel of the casino is preserved, and the cottages kept in the decor of their era...preserving the essence of the time when Lake Tahoe was the playground of the elite. I look forward to staying there again, so keep the price reasonable, and look forward to sharing the State Line Room with newbies to the hotel. Thank you for the investing in preserving such an iconic hotel.
can,t waite till you reopen, please let me no. been there a number of times in the late 60,s 70,s and 80,s.
Any info regarding the opening date of the new Cal-Neva and related functions would be greatly appreciated by The Casino Chips and Gaming Tokens Collectors Club... CCGTCC. com Thanks.
I live in Incline Village and want to receive all Cal Neva news and press releases
I'd love to be invited to the ,Grand Reopening of,Cal/Neva Lodge.at ,North Shore,Lake Tahoe.I'd worked there in the early 70S,and,Jim Kelleys Nuggett.let me know when this grand hotel will re open.thank you, Debbie Dennison
I hope the calneva Tahoe will reopen in 2019 I miss it ! Let me know on progress on reopening.