Published on: April 3, 2026, 01:11h.
Updated on: April 3, 2026, 01:11h.
- A prominent real estate investment company is set to revamp the Cal Neva.
- The renovation plan aims to rebrand the Cal Neva as the Lake Tahoe Proper Resort and Casino.
The iconic Cal Neva Resort Hotel & Casino, which sits on the California-Nevada border at Lake Tahoe’s North Shore, has remained closed for over a decade, but new developments are on the horizon.
Chad McWinney, the CEO of Realberry—a real estate investment firm known for its hospitality developments—has secured a financing package of $298 million to revitalize the once-popular Rat Pack retreat. They are collaborating with Proper Hospitality to enhance the resort’s nearly 200 hotel accommodations, its vintage theater that showcased legends like Frank Sinatra, and the gaming area.
Upon completion, the Cal Neva’s legacy will be transformed, as the venue will be rebranded to Lake Tahoe Proper Resort and Casino.
“Cal Neva is one of the most legendary hospitality venues in the West, and we feel a significant responsibility to execute this correctly with Lake Tahoe Proper,” stated McWhinney.
McWhinney has committed to preserving the property’s historical value and unique architectural style.
The Many Transitions of Cal Neva
Cal Neva was once a secluded haven for celebrities, attracting patrons from crooners to President John F. Kennedy, along with reports of organized crime connections. The resort closed its doors in 2013. Since then, ownership has been transferred multiple times, yet the establishment has remained largely untouched.
In 2017, Oracle billionaire Larry Ellison purchased the casino and the ten-story hotel as the only bidder, paying $35.8 million. He hinted at plans for renovation and a reopening, but these intentions did not materialize.
In 2023, Ellison sold Cal Neva to McWhinney for an undisclosed sum.
Realberry appears determined to restore this culturally significant casino. The firm secured a substantial portion of funding through C-PACE (Commercial Property Assessed Clean Energy), a cost-effective financing solution allowing borrowers to obtain comprehensive funding with minimal upfront costs.
The lending entity is Nuveen Green Capital, a firm based in Connecticut that specializes in C-PACE investments.
Secrets of Cal Neva
Frank Sinatra was once the owner of Cal Neva, where he constructed secret underground tunnels to smuggle alcohol during prohibition. These tunnels also served to discreetly transport high-profile guests.
Chicago mobster Sam Giancana was a frequent visitor during Sinatra’s tenure, attracting scrutiny from the Nevada Gaming Control Board, resulting in Sinatra losing his gaming license.
Marilyn Monroe spent her final weekend in Cabin #3 at Cal Neva before her passing in 1962. Rumors suggest that Monroe and President Kennedy had clandestine meetings at the resort during their affair.