Lake Tahoe’s hotel and casino industry might have a particularly interesting year. In the first place, the Hard Rock Hotel & Casino Lake Tahoe is planned to open doors in January. In addition, the Cal Neva Resort is currently undergoing a considerable makeover and is set to be launched sometime in December.
However, the future of the two Stateline gambling venues – Harrah’s and Harveys, as well as that of Reno-based Harrah’s is uncertain. All three properties are operated by Caesars Entertainment Corp. and as previously announced, the company is currently facing some serious financial problems.
Ken Adams, a longtime gaming expert from Reno, shared that he was not particularly convinced the gambling venues would manage to survive Caesars’ potential restructuring without being considerably affected. Currently, the three properties employ a total of 2,600 people.
According to Mr. Adams, Caesars will most probably have to close or at least partially close its “weaker assets”. And the company’s properties in Reno and Tahoe are definitely such assets.
Towards the end of 2014, Nevada’s gaming industry faced a significant drop in its south shore revenues from gambling activities as well as some other challenges. Yet, the region is ready for the launch of several casinos.
Hard Rock Hotel & Casino to Bring Life to Horizon
The Hard Rock Hotel & Casino is set to open doors for guests and fans of casino games on January 28. The property which was once known as the Horizon Casino Resort is home to the new venue. According to Mr. Adams, it would be quite difficult for the gambling facility to consolidate itself on the local market considering the severe tribal competition.
The gaming analyst, however, pointed out that a lot of money have been put into this project. The hotel and casino venue is situated on a land that is owned by the well-to-do Park family and reportedly, the amount of $60 million has been invested into the new gambling facility.
Don Marrandino, chief operating officer, stated that their primary goal is to focus not on gambling solely but on what Lake Tahoe might offer to the guests of the resort. He shared that the property will feature numerous non-gaming amenities, 540 excellent quality rooms, a spa, concert and conference facilities, etc.
The Cal Neva’s Revival
The Napa-based real estate development company Criswell Radovan is in charge of the renovation of the so-called Cal Neva Resort, which was built back in 1926. The property was once owned by Frank Sinatra himself and was frequently visited by various Hollywood stars.
The company purchased the 10-story venue in 2013 and announced that it will most probably open doors on December 12, 2015 – Sinatra’s birthday.
Co-owner Robert Radovan stated that they will keep the historic value of Cal Neva, despite the various multimillion renovations that will be performed. He said that they would like to retain the place’s personality.
The gambling industry in the northern part of the Lake Tahoe region is considerably smaller than that in the south. And casinos there have experienced significant decrease in revenues during the past few years.
Mr. Adams commented on the potential success of Cal Neva as being highly dependent on its business plan. If a good business plan is introduced, the venue will most probably be a thriving one.
