CRYSTAL BAY, Nev. (AP) — A California developer has acquired the 75-year-old Tahoe Biltmore Lodge & Casino at Crystal Bay along the California-Nevada line on the north shore of Lake Tahoe for $56.8 million.
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 (6-hectare) site.
EKN said it intends to develop the property “into a branded marquee destination for both locals and visitors to Lake Tahoe’s vibrant North Shore.”
“The design of this project will introduce an unparalleled hospitality experience that will accentuate Lake Tahoe’s natural scenery and beauty, while embracing the distinctive and pristine characteristics of the region,” CEO Ebbie Khan Nakhjavani said.
Records at the Washoe County Recorder’s Office show the $56.8 million transaction closed Sept. 16. EKN acquired the property from Boulder Bay LLC, where Roger Wittenberg and daughter Heather Bacon are principals, according to the Nevada Appeal.
Boulder Bay had purchased the property dating to 1946 in 2007 for $28.4 million, county records show.
Boulder Bay unveiled redevelopment plans for the property the following year that eventually approved in 2011 despite some community criticism. But the project stalled amid funding concerns.