Former Nevada Casino Sells for $153K at Foreclosure Auction
The Tahoe Biltmore Lodge and Casino, a former staple of North Lake Tahoe, was recently sold at a foreclosure auction for just over $153,000, which, considering its legacy, is a surprisingly low price.
LISTEN TO THIS ARTICLE:It’s located in Crystal Bay, Nevada. It opened in 1946 and became a well-known spot due to its entertainment, slot machines, and affordable breakfast offerings. It closed in 2022, and EKN Development had plans to demolish it and rebuild a Waldorf Astoria, but these plans were halted due to financial constraints.
Inside the Deal That Ended EKN’s Plans
In March 2024, EKN defaulted on an $82 million loan, having narrowly avoided foreclosure in the fall of 2023. CEO Ebbie Nakhjavani said refinancing talks were progressing, but the second default in February 2025 of this year led to this site’s fate.
Located near the Washoe County Courthouse, it was sold to Lake Tahoe Partners, who were the only bidders. It’s a Utah-based LLC affiliated with Stack Real Estate. They issued the original loan to EKN, so they’ve essentially claimed the property as a creditor.
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Who Owns the Biltmore Now?
Stack Real Estate is headquartered in Lehi, Utah. It specializes in commercial development and works with clients like Microsoft. Fidelity National Title handled the foreclosure. The sale was verified by Broker Mike Dunn.
As of today, the Tahoe Biltmore Lodge and Casino remains boarded up.
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