Start spreading the news – a 100-year-old Lake Tahoe resort and casino, once owned by Frank Sinatra, is set to reopen after sitting empty for decades.
The Cal Neva Resort & Casino first opened in 1926 along the northern shore of Lake Tahoe, straddling the border between California and Nevada. Over the decades, it became one of the most iconic destinations in the American West, particularly during its mid-century heyday when it attracted a mix of Hollywood elites and political figures. During the 1960s, the resort thrived under Sinatra’s ownership, hosting stars like Marilyn Monroe, Dean Martin and Sammy Davis Jr., along with future president John F. Kennedy.
Despite its early relevance, the Cal Neva’s fortunes declined in later years. The resort closed in 2013 for what was supposed to be a major renovation, but the project stalled. The property remained shuttered for more than a decade amid financial struggles and multiple ownership changes. Now, developers say the historic resort is finally on track for a revival. Realberry, a Denver-based real estate firm, in partnership with Proper Hospitality, has secured around $298 million in financing to transform the property into the Lake Tahoe Proper Resort and Casino.
The reimagined spot, slated to open in 2027, is expected to feature 197 guest rooms, suites and private villas, plus a lineup of restaurants and bars centered around the resort’s iconic Circle Bar. There will be two lakefront pools, a 50,000-square-foot spa, recreational facilities and meeting and event spaces, including a restored 225-seat theater and a casino.
“Cal Neva is one of the most storied hospitality properties in the West, and we feel a deep responsibility to get the execution right with Lake Tahoe Proper,” Chad McWhinney, CEO of Realberry, said in a news release. “Our focus has been on rigorous restoration, and this financing milestone allows us to continue to thoughtfully reestablish this asset as a premier hospitality destination in Lake Tahoe, balancing preservation and long-term stewardship.”
Back in the day, the resort was known not just for its star power but also for its large non-amplified theater and a network of tunnels that allowed celebrity guests to move discreetly around the property, developers said.
Sinatra’s time as owner was brief but dramatic, helping define the resort’s most famous era. He bought into the Lake Tahoe property in 1960 and quickly became its public face, eventually growing his stake to about 50 percent within a few years.
Under his leadership, the Cal Neva turned into an exclusive celebrity playground, adding features like the Celebrity Room, a showroom that hosted performances by the Rat Pack, Judy Garland and Ella Fitzgerald – and where Monroe stayed during the week of her death, according to KTVU.
But behind the glamor, things got messy. Sinatra’s association with Chicago mob figure Sam Giancana drew scrutiny from regulators. After Giancana was seen at the property, Nevada authorities suspended Sinatra’s gaming license in 1963, forcing him out of the casino business and damaging his reputation. Although he remained linked to the resort for a few more years, Sinatra sold his stake in 1968.
The resort’s modern-day struggles began in 2013, when it was purchased by Criswell Radovan. Just five months later, in September, the property was shut down for what was supposed to be a full-scale renovation, both inside and out.
That reopening never arrived on schedule, and the project quickly ran into financial trouble, missing its planned 2014 and 2015 debut dates and leaving the property sitting idle.
After years of uncertainty and a bankruptcy, the resort changed hands again in 2018, when Larry Ellison bought the property. In 2023, it changed hands again when Realberry acquired it for roughly $52 million.
