Canyon Pursues New Gaming Operator for
Historic Cal Neva Property in Lake Tahoe
March 24, 2010 12:17 PM Eastern Daylight Time
LAKE TAHOE, Calif.--(EON: Enhanced Online News)--As part of an ongoing upgrade of the Cal Neva Resort,
Spa and Casino in Lake Tahoe, property owner Canyon Capital Realty Advisors (“Canyon”) is temporarily closing
the 5,365 square-foot casino, and has begun the process of selecting a new Nevada-based gaming operator that will
re-open the casino by year’s end.
Canyon has already been in discussion with several gaming-license holders who have expressed interest in becoming
Cal Neva’s new casino operator. The casino will officially close on March 31, 2010, but the property’s restaurants,
lounges, showroom and wedding facilities will continue to be open for business.
“Canyon’s decision to move forward with new casino management reflects our continued commitment to securing
the future of this incredible landmark,” said Canyon executive Richard Bosworth. “We have worked hard to
successfully stabilize business operations over the past year, and we are confident that an operator shift at the casino
will only further enhance the value of the Cal Neva resort.”
Since taking ownership in April 2009, Canyon has led a significant turnaround in Cal Neva’s business operations.
Their comprehensive repositioning effort has included a new management team, NHH Hotels & Resorts, as well as
an expanded entertainment program, capital repairs and new parking.
NHH, one of the nation’s leading hospitality management firms, has successfully boosted occupancy levels at the
hotel and increased the resort’s market share penetration in the Lake Tahoe hotel market by 27% in the past year,
as the greater tourism industry struggled. Event activity has also spiked since the change in hotel management – the
showroom is currently being booked on a consistent basis and scheduled weddings have increased by more than
300% since 2009.
Originally built in 1926, Cal Neva was owned by Frank Sinatra