CRYSTAL BAY, Nev. (AP) — Developers say they have secured financing for a major resort at the site of the Tahoe Biltmore on Lake Tahoe's north shore and hope to begin construction in May.
Boulder Bay's president, Heather Bacon, and CEO Roger Wittenberg told the Sierra Sun newspaper in Truckee, California, a deal for the financing was cemented with an undisclosed private equity firm earlier this month.
Terms of the agreement weren't disclosed.
The development company had been struggling to come up with financing since winning approval from the Tahoe Regional Planning Agency four years ago and had faced an April deadline to either move forward or let the project permit expire.
The agency approved plans for construction of an eight-structure complex at Crystal Bay offering a mix of uses including a casino, 300-room hotel, health and fitness centers, shops and restaurants.