Historic Cal Neva Casino Resort Will Be Renovated and Rebranded

Posted on: April 3, 2026, 01:11h. 

Last updated on: April 3, 2026, 01:11h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.
  • A real estate investment firm is planning a substantial makeover of the Cal Neva
  • The plan includes rebranding the Cal Neva to the Lake Tahoe Proper Resort and Casino

The historic Cal Neva Resort Hotel & Casino that straddles the California-Nevada border on Lake Tahoe’s North Shore has sat vacant for more than a decade, but new life is soon coming.

Larry Ellison Cal Neva casino Lake Tahoe
Cal Neva in Lake Tahoe is pictured in a file photograph.  After sitting vacant for more than a dozen years, a real estate investment firm has plans to overhaul and rebrand the storied Lake Tahoe casino resort. (Image: Flickr)

Chad McWinney, the CEO of Realberry, a real estate investment firm with a portfolio that includes hotels and hospitality, has secured a $298 million financing package to overhaul the outdated former Rat Pack hangout. In partnership with Proper Hospitality, the group plans to update the resort’s nearly 200 hotel rooms, storied theater where the likes of Frank Sinatra played regularly, and the casino space.

Once complete, the Cal Neva will be no more, as the destination will be rebranded to the Lake Tahoe Proper Resort and 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,” said McWhinney.

McWhinney has pledged to maintain the property’s historical importance and architectural character.

Cal Neva Changed Hands Many Times

Cal Neva, once a recluse where celebrities fled to from Las Vegas, with regulars ranging from crooners to President John F. Kennedy, and notorious reports of organized crime deals being made at the resort, closed in 2013. The property has switched hands several times since, but little has been done to the resort, keeping it stuck in time.

Oracle billionaire Larry Ellison acquired the casino and 10-story hotel in 2017 after he was the sole bidder for the bankrupt property. Ellison paid $35.8 million and suggested he would renovate and reopen the resort, but those plans never materialized.

Ellison sold Cal Neva in 2023 to McWhinney for an undisclosed price.

Realberry seems intent on reopening the storied and culturally significant casino. The company secured a significant portion of the funds through C-PACE (Commercial Property Assessed Clean Energy), a low-cost financing mechanism where borrowers receive 100% of their funding from private capital providers with little to no upfront costs.

Nuveen Green Capital is the lender. Nuveen is a Connecticut-based firm specializing in C-PACE investing.

Cal Neva Secrets

Sinatra once owned Cal Neva, and during his control, he had secret underground tunnels at the property built to smuggle in alcohol during prohibition. The tunnels were also used to escort high-profile guests in and out.

Chicago mobster Sam Giancana was a frequent Cal Neva guest during Sinatra’s ownership, which attracted the attention of the Nevada Gaming Control Board and led to Sinatra losing his gaming license.

Marilyn Monroe spent her last weekend alive at Cal Neva in Cabin #3 before she died in 1962. Monroe and President Kennedy were rumored to have met secretly at Cal Neva during their affair.