EKN Development Group has acquired the Tahoe Biltmore Lodge & Casino located on the Nevada side of the lake for $56.9 million from Boulder Bay LLC.
The California-based EKN made the purchase with assistance from financial partners including Garn Development and Stack Real Estate.
The new owner plans to continue operating the 75-year old 113-room hotel and casino while deciding how to further develop the 15-acre site, said a press release. EKN says its goals is to turn the property “into a branded marquee destination for both locals and visitors to Lake Tahoe’s vibrant North Shore.”
The Tahoe Biltmore was developed in 1946 and in subsequent years operated under various names, such as Nevada Lodge and Cal-Neva Biltmore. It has slots, table games and a sportsbook.
