Realberry and Proper Hospitality Secure $298 Million Financing for Redevelopment of Historic Cal Neva into Lake Tahoe Proper Resort and Casino

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Following the closing of a major funding round, the legendary Cal Neva starts a new chapter as a design-driven resort and casino set on Lake Tahoe

LAKE TAHOE, Nev., April 3, 2026 /PRNewswire/ — Realberry and Proper Hospitality today announced the closing of a $298 million financing package for the redevelopment of the historic Cal Neva Hotel into Lake Tahoe Proper Resort and Casino, slated to open in 2027. The financing marks a major milestone in repositioning one of the American West’s most iconic resort properties, enabling a full-scale restoration that will transform the landmark into a design-driven destination blending hospitality, wellness and gaming along the shores of Lake Tahoe.

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