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Lake Tahoe’s Cal Neva Resort will be shutting down its historic casino doors at the end of the month.
The 5,365-square-foot casino was made famous in the 1960’s when it served the likes of Frank Sinatra, Dean Martin, Sammy Davis Jr. and the rest of the Rat-Pack.
Canyon Capital Realty Advisors will close March 31, effectively cutting ties with current casino operator Luna Gaming Tahoe, which is owned by Luna Entertainment.
According to Cal Neva Casino Gaming Manager Wayne Thompson, because of the economic recession and increasing competition from Vegas and Indian Casinos, they are forced to shut down after nearly a half-century of business.
Thompson will be one of the casino’s many employees that will be laid off. He hopes that if a new casino operator can be found, current casino employees will be considered for positions once it re-opens.
While Canyon is optimistic and hopes to re-open the casino under a new outside contractor by year’s end, many analysts think the Cal Neva might have dealt its last hand.
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