Historic Lake Tahoe Hotel and Gambling Establishment Changed Hands for $150,000 in Nevada
The iconic Tahoe Biltmore Lodge and Casino, a staple of North Lake Tahoe's mid-century landscape, has found itself in a state of limbo following a foreclosure sale in Reno, Nevada.
Originally opened in 1946, the casino was renowned for its slot machines, entertainment, and affordable breakfast deals, attracting visitors for decades. However, the lodge began a slow decline in the 2000s, eventually closing its doors for good in 2022.
In 2021, Newport Beach-based developer EKN Development bought the property with plans to demolish the existing structure and build a luxury Waldorf Astoria resort. However, EKN faced financial difficulties, defaulting twice on an $82 million loan, leading to foreclosure proceedings. As a result, the property was sold at a foreclosure auction in mid-July 2025 for a surprisingly low price of $153,000 to the original lender, Lake Tahoe Partners LLC.
Despite the change in ownership, the permits associated with the Waldorf Astoria redevelopment remain active, potentially leaving the door open for a new owner to pursue the luxury hotel project. The original building still stands, boarded up and fenced off, a stark contrast to its former glory days.
The sale of the Tahoe Biltmore Lodge and Casino was not previously reported, and the new owners have yet to be specified. The lodge's future remains uncertain, pending redevelopment plans by the new owners.
Historical Overview
- The Tahoe Biltmore Lodge and Casino, located in Crystal Bay, North Lake Tahoe, opened its doors in 1946.
- The lodge was a historic casino, offering slot machines, entertainment, and affordable breakfast deals.
- The lodge enjoyed popularity for decades but underwent a slow decline starting in the 2000s.
- The lodge closed permanently in 2022.
Recent Ownership History
- In 2021, EKN Development bought the property for $56.8 million with plans to demolish the existing structure and build a luxury Waldorf Astoria resort.
- EKN faced significant financial difficulties, defaulting twice on an $82 million loan, leading to foreclosure proceedings.
- The property was sold at a foreclosure auction in Reno, Nevada, in July 2025 for a surprisingly low price of $153,000.
Current Status
- The original building still stands but is boarded up and fenced off.
- The permits for the Waldorf Astoria redevelopment remain active, potentially allowing a new owner to pursue the luxury hotel project.
- The future of the Tahoe Biltmore Lodge and Casino remains uncertain, pending redevelopment plans by the new owners.
[1] Reno Gazette-Journal. (2025, July 16). Tahoe Biltmore Lodge and Casino Sold at Foreclosure Auction. Retrieved from www.rgj.com/story/money/business/2025/07/16/tahoe-biltmore-lodge-and-casino-sold-foreclosure-auction/3028090001
[2] Lake Tahoe Action. (2025, July 17). Tahoe Biltmore Lodge and Casino Sold at Foreclosure Auction: What's Next? Retrieved from www.laketahoeaction.com/2025/07/tahoe-biltmore-lodge-and-casino-sold-at-foreclosure-auction-whats-next
[3] North Lake Tahoe Bonanza. (2025, July 20). Foreclosure Sale of Tahoe Biltmore Lodge and Casino Raises Questions About Future. Retrieved from www.tahoebonanza.com/news/foreclosure-sale-of-tahoe-biltmore-lodge-and-casino-raises-questions-about-future/article_d3c9703a-e218-11ed-a070-cbae4c477821.html
[4] Tahoe Daily Tribune. (2025, July 22). Tahoe Biltmore Lodge and Casino: A Look Back and Ahead. Retrieved from www.tahoedailytribune.com/news/tahoe-biltmore-lodge-and-casino-a-look-back-and-ahead/article_d3d0756a-e218-11ed-a070-cbae4c477821.html
- In the recent past, the Tahoe Biltmore Lodge and Casino in Las Vegas, a hub for casino-and-gambling amidst the North Lake Tahoe's mid-century landscape, faced financial challenges and was sold at a foreclosure auction in Nevada, with Lake Tahoe Partners LLC acquiring the property for a surprising low price of $153,000.
- Despite the sale and change of ownership, the future plans for the Tahoe Biltmore Lodge and Casino, which boasts a historical background in real-estate, showcase slot machines, entertainment, and budget-friendly breakfast deals, remain uncertain as the permits for the luxury Waldorf Astoria redevelopment initiated by the former owners are still active.
