Two Casino Projects in Lake Tahoe Aim to Transform Historic North Shore

^{Developers are just waiting for this year’s thaw before they tear down the Tahoe Biltmore to make room for a new Waldorf Astoria casino-resort, which coupled with an overhauled Cal Neva could bring back some star power to Lake Tahoe's North Shore. (Image: Andrew Pridgen)}

Many may not recall, but before Las Vegas’s stratospheric ascent, nearly a half-century ago, Lake Tahoe’s North Shore was the place to gather and gamble next to A-listers and mega-wealthy of the day.

North Shore’s ring-a-ding apex was roughly between 1960 and 1968, when Frank Sinatra and Chicago crime boss Sam Giancana had a controversial run owning and operating the Cal Neva on the lakeside, bringing in top-tier talent that would lure the likes of the Kennedys and Marilyn Monroe.

Not to be outdone, across the way at the Tahoe Biltmore Casino and Hotel was another high-end yet accessible place where folks could stay, play slots, and see a show. The property’s fabled Nevada Room hosted headliners like Phyllis Diller, Rowan and Martin, Soupy Sales, and Rudy Vallée — no slouches in any era. 

But starting in the 1970s, both casinos on the state line on the northern side of the lake started to churn inside a seemingly never-ending revolving door of bankruptcies and forgettable owners who mostly talked of big plans but were always inhibited by shallow pockets.  

Now there is hope anew in North Lake Tahoe, Nevada, that both properties will soon rise again and even give their top-tier rivals downstate a run for their money in the process.

Raising the Stakes

The stakes couldn’t be higher, with Waldorf Astoria leading the way and using the Tahoe Biltmore Casino and Hotel property as its first roll of the dice into the casino game. The hotel brand is Hilton’s flagship, denoting some of its highest-end properties and amenities. 

And while there is a new Waldorf Astoria in Las Vegas (featuring a new Whataburger), the property has no casino. 

The Lake Tahoe location will be the upscale chain’s first with a dedicated gaming space, the property’s current owner, Ebbie Nakhjavani, CEO of California-based developer EKN, told Casinos.com.

A Tale of Two Lakeshore Properties

The lavishness and money trail don’t stop there. In January 2018, billionaire founder of Oracle and part-time resident of nearby Incline Village Larry Ellison shocked the gaming world by picking up the Cal Neva, shuttered in 2013, at a bankruptcy auction for $35.8 million — a relative song.

Last year, Ellison sold some of his stake to boutique hotelier McWhinney. The Denver-based real estate company almost immediately announced an effort to completely refurbish the space and reopen it in 2026, just in time for the resort’s 100th anniversary. 

"Our vision is to reimagine and revitalize this iconic resort with deep historic roots into an exceptional experience for guests and the local community to enjoy for years to come," McWhinney co-founder and CEO Chad McWhinney, said last April.  

While it’s one thing to restore an icon, it’s another thing entirely to attempt to make a property iconic.

But that’s what’s planned across from the Cal Neva at the old Biltmore site. With a groundbreaking set for either late spring or early summer, as they have to wait for the annual thaw before they can set a specific date, a new Waldorf Astoria will be slated to open in 2028 on the site of a previously run-down hotel and casino built in 1946. 

After multiple delays, the original casino, which is part Tudor and part midcentury with a replica Native American-style teepee as the signage, is slated to be completely razed by summer.

‘On Schedule and Imminent’

In October 2021, developer EKN bought the Tahoe Biltmore property from local ownership group Boulder Bay LLC for $56.8 million. Since then, a string of announcements have followed, promising a new-and-improved luxury property to be built on the existing parcel. 

Waiting for the Coming Thaw

How different? Leaps in technology and the mainstreamization of sports betting have created at once a greater acceptance and demand for certain types of gaming. 

At the same time, the old banks of slot machines, occasional two-thirds-empty blackjack tables, and constant cigarette smoke curling toward the eye in the sky that previously defined the mostly dormant gambling spaces in North Lake Tahoe will be replaced by a more high-end lounge feel where people will congregate. And games, while available, aren’t necessarily the focal point. 

“The community commands a much more curated experience,” Nakhjavani said. “In that regard, we’ll be bringing the experience up a level.” 

The space he’s creating will still be intimate, he insists. Planned is 10,000 square feet on the gaming floor, along with an additional adjacent 7,000-square-foot entertainment alcove for top-line lounge acts. 

“It’ll be a symbiotic space. It will be absolutely more in line with Biltmore with its incredible history and pastiche back in the day,” Nakhjavani said. “They were extravagant and that’s what we plan to bring back to the experience.” 

The big question remains: will Tahoe’s imminent rise give Vegas a little run for its money once more? Bet on it, said many familiar with the project. 

Mike Dunn, a real estate agent for Chase International Lake Tahoe who will also represent the Waldorf Astoria Lake Tahoe in the sale of its branded residences on the property, told Casinos.com he anticipated the new amenities to far exceed what people are currently used to in North Lake Tahoe and maybe at-large as the Waldorf property will play host to the “casino of tomorrow.” 

Here are plans for what the North Shore of Lake Tahoe could become, anchored by a new Waldorf Astoria casino-resort, as seen in this rendering of something that could help transform the area into a luxe escape for an elite clientele. (Image: courtesy of EKN Development Group)

Nakhjavani agreed, noting that the new property will be one that will attract a “world-class” clientele. “Tahoe as a location will always hold appeal, being there offers a different setting, you’re in nature,” he said. “The Waldorf customer is already a very discerning group of clients and so they travel everywhere. Not only will we draw for that segment in North Lake Tahoe and regionally — but globally and internationally.” 

The Waldorf Astoria Lake Tahoe Resort and Residences website boasts: “Our stunning 15-acre resort will shine like a star at 6,400 feet above sea level, surrounded by the alluring Sierra Nevada Range.” 

And while plans are taking shape now and ground is about to be broken come the thaw, EKN is also currently on the market for an operator, Nakhjavani said. 

“We’re very much open in terms of finding a partner,” the developer concluded. “If someone wants to get in touch with us, we’d consider that a win-win.”