The Cal Neva Resort & Casino sign is shown on Dec. 19. A bankruptcy court judge approved a settelement on Dec. 26.
A U.S. Bankruptcy Court judge in Reno has signed off on a deal that paves the way for Cal Neva Resort & Casino to be acquired by a Silicon Valley billionaire.
Judge Gregg W. Zive approved a compromise and settlement agreement between creditors tied to the resort and casino, which is located in Crystal Bay. The judgment was entered on Dec. 26.
Lawrence Investments LLC, a venture capital investment firm headed by Oracle Corp. co-founder Larry Ellison, will assume control of the property. Lawrence Investments LLC will pay $35.8 million to acquire the resort and casino.
Once owned by Frank Sinatra, the property is famous for its celebrity guests who frequented the resort in the past.
More recently, the Cal Neva’s story has been one of tumult. The resort was purchased in spring 2013 by Criswell Radovan, a Napa Valley-based real estate firm. Cal Neva was then shuttered in September 2013 for a highly anticipated, multimillion-dollar renovation.
Even the sale to Ellison appeared to be in jeopardy at one point.