CRYSTAL BAY, Nev. – The former Tahoe Biltmore and Casino project in Crystal Bay, Nevada, announced today that it is in the process of restructuring the project financing. The project developers remain committed to the property’s future, and continue to invest in the project.

According to a press release, “the financial restructuring is a necessary step in delivering a successful project on the iconic Tahoe Biltmore site.”

The financial plan was originally split into multiple phases.

One of the lenders in phase one of the financing recently filed a Notice of Default to preserve their rights for repayment of their loan, however, according a project representative, the restructuring was always planned, this NOD is not impacting that plan.

“The project financing was always structured in two phases. We are at the stage of the project where we need to structure the next phase of the project financing to utilize a lower cost of capital,” the spokesperson said.

Plans remain in place to perform the required site work and property revitalization improvements.

Following TRPA’s unanimous approval of the former Tahoe Biltmore Hotel and Casino revitalization project on April 26, 2023, the developers performed necessary abatement of the hotel structure and demolished the property’s cottages. In addition, they have continued to reduce the property’s former environmental impacts with preliminary site cleaning efforts.

The developers remain committed to the vision of a high quality, community facing and neighborhood revitalizing project at this one-of-a-kind location on the North Shore of Lake Tahoe.