The renowned Cal Neva situated in Lake Tahoe was procured by a real estate developer from Colorado for an undisclosed amount. The resort, located on the California-Nevada border, was opened in 1926 and was renovated by Frank Sinatra in 1960, which made it a favoured haunt of Sinatra’s Rat Pack and other celebrities such as President John Kennedy and purported members of organised crime. It later went through a period of hardship and was bought out of bankruptcy in 2018 for $35.8 million by Larry Ellison, the creator of Oracle. Ellison had plans to include a new casino in the property.
McWhinney, the new owner, has intentions to redevelop Cal Neva and reopen it as a Proper-branded hotel. The firm, in collaboration with The Kor Group, is anticipating working with local community and meeting with regulatory officials as the redevelopment plan takes shape. There have also been rumours of Nobu, the luxury restaurant chain, being involved in the project. Whether Cal Neva will have a casino or not is yet to be seen, as the area already has plenty of gaming facilities. It is likely that the new owner will market the property as an upmarket non-gaming venue, as Lake Tahoe has become a popular destination for business leaders, celebrities and athletes such as Mark Zuckerberg, Aaron Rodgers and Larry Ellison himself.
