Advanced Forum Search -- Advanced Casino Search

Tahoe casino properties bought
Message was posted: 10:51 Jun 29th, 2007

User: Lucky Lady Rank: Casino Gold: 29190CG Contributor rating: 75600 Status: Offline

Casino news source: Reno Gazette-Journal - http://news.rgj.com Tahoe casino properties bought ZACK HALL RENO GAZETTE-JOURNAL Posted: 6/29/2007 A Lake Tahoe-based developer has purchased a pair of prominent North Lake Tahoe casino properties, officials for the company announced. Boulder Bay LLC announced Thursday that it has purchased the Tahoe Biltmore Casino and Hotel and the 22-room Crystal Bay Hotel across Highway 28, a separate property from casino Crystal Bay Club. In addition, Boulder Bay has purchase a handful of surrounding properties, including the vacant site of the Mariner Hotel adjacent to the Biltmore, the company said, giving the company a large swath of land in the Crystal Bay region. Boulder Bay, which is a partnership between International Supply Consortium, Shoreline Capital and Scott Cos., is planning a mixed-use development, though officials for the company said they have not finalized plans. "We are looking forward to working in tandem with all of the stakeholders and communities involved to develop an exciting master plan," said Roger Wittenberg, founder and CEO of ISC. Vince Scott, president of Scott Cos., said Boulder Bay plans to keep "business as usual" while a specific plan for the properties is developed. Boulder Bay said the company wants an "upscale, master-planned, mixed-use destination resort." Under the initial plan, the resort will have residential ownership with resort-style amenities, upscale hotel accommodations and services, plus new retail and high-end casinos that will use "existing gaming partners." "The goal is to redevelop those core pieces into something that increases the value for everyone, at the same time add back to the environment, fixing some of the current conditions there that aren't terrific," said Steven Aynes, principal of Shoreline Capital. Andy Chapman, tourism director for the North Lake Tahoe Resort Association, said a change in the Crystal Bay region of Lake Tahoe could be beneficial for all of the North Shore. "That area has been in some need for some redevelopment and some capital improvement, and this will certainly do that," Chapman said. "It will only make that area of Tahoe and the North Shore that much more attractive to visitors. I'm looking forward to seeing what their plans are." Boulder Bay did not immediately announce the purchase price. The Biltmore was sold by a group of individual investors, Aynes said.