Next chapter for Cal Neva Resort and Casino

After being obtained by billionaire American businessman, Larry Ellison, for approximately $35.8 million late last year, the shuttered Cal Neva Resort and Casino is now reportedly in the process of being renovated with the objective of re-opening as a casino and resort.

According to a Monday report from the Reno Gazette-Journal paper, the new owner with an estimated fortune of at least $40 billion will be the guy behind computer technology giant, Oracle Corporation. The 74-year-old entrepreneur had his own acquisition of this historic home once owned by entertainer, Frank Sinatra, approved by a federal bankruptcy judge in October after the previous proprietor had shut the enterprise before entering insolvency.

Some cabins being demolished:

The paper reported that fire and safety issues have contributed to construction crews pulling down a few of the outside cottages at the venue located across the border between Nevada and California. This process is due to be completed by the end of the year together with the Incline Village Crystal Bay Visitors Bureau telling the Reno Gazette-Journal that the new owner plans to keep Cal Neva Resort and Casino as a casino and resort.

“They did state that the intent is to finally continue with a lodging casino as has historically been around the website. The investment behind the project will be great. It’s good news for us.

Storied history:

Founded in 1926, Cal Neva Resort and Casino has been obtained by Sinatra in 1960 and soon became a playground for some of the world’s most famous celebrities including the likes of Marilyn Monroe, Dean Martin and Sammy Davis Jr.. On the other hand, the land, which includes a ten-story resort tower together with a small casino, struggled to turn a profit after the legendary singer offered his stake in 1968 and subsequently changed hands several times amid continuing underperformance.

The paper reported that the place on the banks of Lake Tahoe has been bought by Criswell Radovan at 2013 with the intention of spending some $49 million on renovations. But, this work ended three years later before the California-based property programmer filed for Chapter 11 bankruptcy protections.