After 76 years of successful operations, Tahoe Biltmore is set to take a break to allow the construction of a luxury resort. Tahoe Biltmore is under new ownership after Oracle billionaire founder Larry Ellison purchased it in September.
The $125 billionaire bought Lake Tahoe non-gaming resort for $345 million from Hyatt Hotels Corporation. The purchase included almost 25 acres of land, a 12-story hotel, 422 hotel rooms, 12 cottages, and a boat slip. The Associated Press was the first to break the news after discovering the transaction at Washoe County property records for September 3, 2021.
Meanwhile, EKN Development bought Lake Tahoe casino and resort for about $57 million in September. This is a 15-acre piece of a historic property that EKN Development wants to transform into a luxury resort and residential property facing Crystal Bay.
Late last week, EKN Development announced that its plans to develop a new property are still on track. According to the real estate group, the first step towards their ultimate goal is the gradual closure of the gaming property.
The Nevada Gaming Commission requires the new owners to shut down the operations starting April 23. By April 30, Tahoe Biltmore will have shut down all its operations to create a way for new construction.
Tahoe Biltmore is deteriorating, having operated for over 70 years. The new developer plans to restructure is dubbed as Lake Tahoe Luxury Resort and Residences.
The 15-acre Lake Tahoe Luxury Resort will bring sophistication and luxury to the mountain town. According to EKN Development, the new property will accentuate Lake Tahoe’s natural environment and modernize the old mountain architecture. Ideally, the new alpine resort will be home to tourists and locals who want to experience Lake Tahoe’s every good thing.
The Developer Is Committed to Fulfilling the Promise
EKN is committed to fulfilling its promise to upgrade the property on the north shore. Apart from the Tahoe Biltmore purchase, EKN also bought Beesley Cottages in December for $18 million.
The property has ten old cabins. EKN also plans to demolish these cottages to build a top-class lakefront beach club.
However, Crystal Bay doubts EKN’s promise as they have not fulfilled several others in the past ten years. But, EKN assures locals that it is capitalizing for the long haul.
According to Ebbie K. Nakhjavani, the founder and CEO of EKN, the company is transparent and active in communicating with all its stakeholders. Ebbie said that his team is committed to building their projects and plans to be in the community for a long time.
Gaming Will Return
EKN has not disclosed what it intends to do with the new property. It is yet to say how many rooms it intends to build or what the luxury resort will have.
However, the Tahoe Biltmore project is expected to have 334 units, including residencies, cottages, and guestrooms. Today, the property has 18 cottages and a total of 113 rooms.
Once the casino resort ceases operations, it will proceed to demolition. This will be followed by the development of the property. EKN expects it to take over three years to finish the project and open before September of 2025.
Also, EKN plans to offer gaming through an upgraded and intimate casino. But, the company has no record of operating a casino before it purchased Tahoe Biltmore.
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