A Lake Tahoe casino once owned by Frank Sinatra is preparing to reopen after decades of sitting empty. The Cal Neva Hotel, a property steeped in Hollywood history and Rat Pack legend, has secured the financing needed to restore its former glory. Denver-based Realberry and Santa Monica-based Proper Hospitality announced the closing of a $298 million financing package for the redevelopment of the historic resort. The Frank Sinatra casino first opened in 1926 and enjoyed its golden era in the 1960s, drawing icons including Marilyn Monroe, Dean Martin and Sammy Davis Jr. The renovation plans call for 197 guest rooms, suites and private villas, as well as a casino and a restored theater that seats 225.
Cal Neva Secures $298M Financing for Historic Comeback
Realberry and Proper Hospitality announced the financing closure on April 3, 2026, marking a turning point for the property that has remained shuttered for over a decade. The deal represents one of the largest resort redevelopment packages in the region’s history.
The financing structure includes $223 million in C-PACE funding from Nuveen Green Capital, the largest such transaction in Nevada’s history and the first in Washoe County. Banc of California provided an additional $75 million senior secured construction loan. The C-PACE portion targets energy and water efficiency measures, as well as building envelope improvements.
Realberry acquired the 13-acre property from Larry Ellison in April 2023 and brought on Proper Hospitality as operator. The project is co-developed with Kor Real Estate Partners, with interiors designed by Kelly Wearstler.
“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 Chad McWhinney, CEO of Realberry. “This financing milestone allows us to continue to thoughtfully reestablish this asset as a premier hospitality destination in Lake Tahoe.”
The developers initially targeted a December 2026 opening to celebrate the property’s 100-year anniversary but shifted to late 2027.
What the Renovated Frank Sinatra Casino Will Feature
The Lake Tahoe Proper Resort and Casino will blend historic preservation with modern amenities. Slated to open in 2027, the property will center its dining and entertainment around the resort’s iconic Circle Bar, which anchors multiple restaurants and bar experiences.
Wellness facilities span 50,000 square feet, with a full-service spa complemented by two lakefront pools and recreational amenities. The restored Frank Sinatra Theater, maintaining its original 225-seat capacity, features engineering that allows performers to see every face in the audience. A network of private tunnels will enable guests to move discreetly throughout the property, recreating what developers described as an “aura of glamor and mystique”.
The casino will operate alongside meeting and event spaces designed for corporate gatherings and social functions. Developers emphasized that the project aims to boost tourism and economic activity in the Lake Tahoe region while preserving the resort’s historic character.
The property will feature native landscaping in outdoor spaces, whereas indoor additions include a wellness center with pickleball facilities. The historic lodge, large boulders, and original fireplace will be preserved. The theater will showcase concerts, speaker series, art performances, and community events, with locally-infused selections featured across dining venues.
From Rat Pack Glory to Foreclosure: Cal Neva’s Tumultuous Journey
Frank Sinatra purchased a stake in Cal Neva in 1960, holding approximately 25 percent initially and increasing ownership to around 50 percent by 1962. The Frank Sinatra casino reached its peak between 1960 and 1963, attracting Rat Pack members Dean Martin and Sammy Davis Jr., along with Marilyn Monroe, who spent her final weekend at the property in July 1962. Sinatra invested heavily in upgrades, adding the Celebrity Room showroom, a rooftop helipad, and tunnels beneath the resort for discreet celebrity movement.
The resort’s golden era ended abruptly in August 1963 when Nevada’s Gaming Control Board discovered Chicago mobster Sam Giancana on the premises, forcing Sinatra to relinquish his license. Following his exit, the property cycled through multiple owners and gradually declined.
Napa Valley-based Criswell Radovan purchased the resort in spring 2013 and shuttered it in September 2013 for renovations. The company secured a $29 million loan and $20 million in equity for a total $49 million renovation package. Despite targeting multiple opening dates, including Sinatra’s 99th and 100th birthdays, construction workers walked off the site in December 2015 after not being paid. Criswell Radovan filed for bankruptcy on June 10, 2016, owing more than $27 million to creditors. Oracle co-founder Larry Ellison subsequently acquired the property through bankruptcy proceedings in 2018 for $35.8 million.
