{"id":268100,"date":"2023-04-07T19:37:09","date_gmt":"2023-04-08T00:37:09","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=268100"},"modified":"2023-04-10T12:19:10","modified_gmt":"2023-04-10T17:19:10","slug":"cal-neva-acquired-by-denver-real-estate-firm","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/cal-neva-acquired-by-denver-real-estate-firm\/","title":{"rendered":"Cal Neva, Former Haunt of Sinatra\u2019s Rat Pack, Sold to Real Estate Developer"},"content":{"rendered":"

The history-rich Cal Neva Resort and Casino was sold to a Denver-based real estate developer for an undisclosed sum.<\/p>\n

\"Larry
Cal Neva in Lake Tahoe. The venue was acquired by a Denver real estate firm. (Image: Flickr)<\/figcaption><\/figure>\n

The Lake Tahoe property, which derives its name from residing along the California-Nevada border, opened in 1926 and was renovated by Frank Sinatra in 1960. In the years immediately following Sinatra\u2019s enhancements, Cal Neva became a stomping ground for him and his \u201cRat Pack\u201d cronies, as well as other celebrities, President John Kennedy, and allegedly members of organized crime.<\/p>\n

\n

Several decades later, Cal Neva fell on hard times, and was purchased out of bankruptcy in 2018 for $35.8 million by Larry Ellison, the founder of enterprise software giant Oracle.<\/p>\n<\/div>\n

At that time, Ellison — one of the richest men in the world — noted redevelopment plans also include a new casino<\/a> on the property. Cal Neva made an application for a nonrestricted gaming license in April 2019, according to the Nevada Gaming Commission (NGC).<\/p>\n

McWhinney Plans for Cal Neva<\/h2>\n

McWhinney is buying Cal Neva, which hasn\u2019t been open to the public for a decade. The real estate developer intends to redevelop the venue and eventually reopen it as a Proper-branded hotel. That\u2019s the brand of several of the firm\u2019s boutique hotels.<\/p>\n

McWhinney\u2019s project team, in partnership with The Kor Group, plans to reposition Cal Neva as a Proper-branded hotel as they begin the initial visioning and design for the 13-acre site. They look forward to engaging with the local community and meeting with regulatory officials as the redevelopment plan takes shape,\u201d<\/strong> according to a statement issued by the real estate developer.<\/p><\/blockquote>\n

That\u2019s not far off from previously rumored plans for Cal Neva. In 2019, speculation surfaced that Ellison sought the assistance of Nobu<\/a>, the Japanese-inspired, high-end restaurant chain founded by famed chef Nobu Matsuhisa, Hollywood star Robert De Niro, producer Meir Teper, and restaurateur Drew Nieporent to redevelop the venue.<\/p>\n

In the press release, McWhinney doesn\u2019t mention whether or not it intends to pursue a gaming license for Cal Neva. There are currently just three operational casinos on Tahoe\u2019s North Shore — Grand Lodge, Crystal Bay, and Tahoe Biltmore — and those venues combine for just 750 slot machines and 40 tables games.<\/a><\/p>\n

Properties listed on McWhinney\u2019s website, including two Proper-branded venues, don\u2019t include casino-hotels.<\/p>\n

Cal Neva Doesn\u2019t Necessarily Need Casino<\/h2>\n

It remains to be seen if Cal Neva\u2019s historic casino is in the cards for the new version of the property. However, it\u2019s not a necessity, because the region is already chock full of gaming properties<\/a>.<\/p>\n

It\u2019s possible the new owner will opt to market the venue as an upscale nongaming venue. There\u2019s merit to that approach, because just as Lake Tahoe was a playground for Sinatra and the \u201cRat Pack\u201d in the 1960s, the region is again popular with titans of business, celebrities, and athletes.<\/p>\n

Among the owners of houses in the Incline Village area Ellison, Meta Platforms CEO Mark Zuckerberg, and Green Bay Packers quarter Aaron Rodgers, among others.<\/strong><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The history-rich Cal Neva Resort and Casino was sold to a Denver-based real estate developer for an undisclosed sum. The Lake Tahoe property, which derives its name from residing along the California-Nevada border, opened in 1926 and was renovated by Frank Sinatra in 1960. In the years immediately following Sinatra\u2019s enhancements, Cal Neva became a […]<\/p>\n","protected":false},"author":46,"featured_media":91608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,32093],"tags":[81898,81966],"acf":[],"yoast_head":"\nCal Neva Acquired By Denver Real Estate Firm<\/title>\n<meta name=\"description\" content=\"Cal Neva finally acquired, could take on new branding.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/cal-neva-acquired-by-denver-real-estate-firm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cal Neva Acquired By Denver Real Estate Firm\" \/>\n<meta property=\"og:description\" content=\"Cal Neva finally acquired, could take on new branding.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/cal-neva-acquired-by-denver-real-estate-firm\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-08T00:37:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-10T17:19:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/CNR-SUMMER-FRONT.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"902\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/cal-neva-acquired-by-denver-real-estate-firm\/\",\"url\":\"https:\/\/www.casino.org\/news\/cal-neva-acquired-by-denver-real-estate-firm\/\",\"name\":\"Cal Neva Acquired By Denver Real Estate Firm\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/cal-neva-acquired-by-denver-real-estate-firm\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/cal-neva-acquired-by-denver-real-estate-firm\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/CNR-SUMMER-FRONT.jpg\",\"datePublished\":\"2023-04-08T00:37:09+00:00\",\"dateModified\":\"2023-04-10T17:19:10+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Cal Neva finally acquired, could take on new branding.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/cal-neva-acquired-by-denver-real-estate-firm\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/cal-neva-acquired-by-denver-real-estate-firm\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/cal-neva-acquired-by-denver-real-estate-firm\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/CNR-SUMMER-FRONT.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/10\/CNR-SUMMER-FRONT.jpg\",\"width\":1200,\"height\":902,\"caption\":\"Cal Neva in Lake Tahoe. 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