CRYSTAL BAY, Nev. — Lake Tahoe is famous for its clear blue waters and beautiful, natural surroundings. But along its north shore, visitors are treated to another sight: a boarded-up casino.
The Tahoe Biltmore, closed since 2022, is slated to be demolished and replaced with the Waldorf Astoria Lake Tahoe, a $730 million project by owner EKN Development. But the Biltmore’s rundown main building is still standing following a series of issues.
A notice of default was filed in April over an $85 million loan on the property, located in the unincorporated Crystal Bay community on the Nevada side of the alpine lake. A foreclosure auction was then scheduled for August, Washoe County records show.
However, the foreclosure never took place, and the default notice was recently rescinded, property records show.
EKN founder Ebbie Nakhjavani told the Las Vegas Review-Journal this month that his group has been working to refinance the project and has already torn down cabins at the decades-old property.
The main building was set to be demolished last, because it had a lot more asbestos than the owners expected. They plan to tear it down before the second quarter of 2025, he said.
His group aims to open the Waldorf Astoria in 2027 or 2028, Nakhjavani said.
Project plans call for 76 hotel rooms, 61 condos, 14 employee housing units and 10,000 square feet of casino space, as well as retail, restaurants, an outdoor amphitheater and other amenities, county records show.
Demolition of the Biltmore had been scheduled to finish by the end of 2023, according to the project’s website.
“We’re going as fast as we can,” Nakhjavani said. “Our goal is to get this building demolished and get to construction ASAP.”
EKN, based in Newport Beach, California, bought the 1940s-era hotel-casino in 2021. The property closed in spring 2022.
In late 2022, hotel giant Hilton announced a deal with EKN to open the Waldorf Astoria.
At the time, the property’s Instagram page said the Tahoe Biltmore had fallen into disrepair, creating negative environmental and economic impacts.
It announced a “planned financial restructuring” for the project this past April, saying the developers remained committed to the vision of a high-quality revitalization.
The property looked in rough shape as of last month, and its marquee still told passersby to mark their calendars for the closing party.
“76 years! It has been an amazing ride,” it declared, above a row of plywood.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
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