The story of what happened to Lake Tahoe Resort Hotel is actually a tale of two separate properties: Homewood Mountain Resort and the Tahoe Biltmore Lodge and Casino. Both have faced significant challenges, including financial difficulties, closure, and redevelopment plans. Homewood Mountain Resort will not open for the 2024-25 season due to financial issues, while the Tahoe Biltmore Lodge and Casino has encountered multiple delays in its planned transformation into a luxury Waldorf Astoria property.
What Led to the Closure of Homewood Mountain Resort?
Homewood Mountain Resort, a beloved ski destination in Lake Tahoe, announced its closure for the 2024-25 season due to a combination of factors:
- Financial challenges
- Delays in approval for infrastructure improvements
- Withdrawal of support from financial partners
The resort had been operating at a deficit while awaiting approval for changes to its 2011 master plan. In May 2024, they submitted revisions to this plan, but the lack of progress led to their financial partner withdrawing support, making it impossible to operate or sell season passes for the upcoming season.
What Renovations Were Planned for Homewood Mountain Resort?
The proposed revisions to Homewood Mountain Resort’s master plan included several key improvements:
- Moving the gondola terminal to a more skier-friendly position
- Reducing the massing of buildings
- Decreasing residential density
- Opening view corridors to the mountain and lake
These changes were part of a broader plan to enhance the skier experience and restore the resort. However, they are still awaiting approval, which has contributed to the current closure.
How Did Financial Issues Impact Homewood Mountain Resort?
The financial challenges faced by Homewood Mountain Resort have had significant consequences:
- Operating at a deficit while awaiting approval for master plan changes
- Withdrawal of support from financial partners
- Inability to operate or sell season passes for the 2024-25 season
- Efforts to support employees by finding alternative employment or allowing them to stay during the approval process
It’s important to note that Homewood Mountain Resort is a privately owned business and does not receive support from public taxes.
What Happened to the Tahoe Biltmore Lodge and Casino?
The Tahoe Biltmore Lodge and Casino, a separate property from Homewood Mountain Resort, has its own story of challenges and redevelopment plans:
Why Has the Tahoe Biltmore Faced Delays?
The Tahoe Biltmore Lodge and Casino has encountered multiple setbacks in its redevelopment plans:
- Financial crisis of 2007-2009 stalled initial redevelopment efforts
- Ongoing community and environmental concerns
- Recent notice of default filed by a main investor against EKN Development (current owners) due to $82 million in unpaid debts
These issues have halted the planned redevelopment, which was set to begin in 2025 and open in 2028.
What Were the Renovation Plans for the Tahoe Biltmore?
The ambitious redevelopment plans for the Tahoe Biltmore included:
- Demolition of the old Biltmore building
- Construction of a new luxury village
- A Waldorf Astoria hotel
- Wellness retreat
- Public spaces
However, these plans have been repeatedly delayed due to various challenges.
How Have Financial Issues Affected the Tahoe Biltmore Project?
The Tahoe Biltmore redevelopment has faced significant financial hurdles:
- Current default notice requiring new investors to meet payment requirements within 90 days
- Previous plans to raze the old Biltmore and construct new facilities stalled due to financial and planning challenges
- Multiple ownership changes, each with their own financial implications
| Year | Owner | Purchase Price | Outcome |
|---|---|---|---|
| 2007 | Roger Wittenberg | $28.4 million | Redevelopment plans stalled |
| 2021 | EKN Development | $56.8 million | Current plans delayed due to financial and regulatory issues |
What Is the Historical Significance of the Tahoe Biltmore?
The Tahoe Biltmore Lodge and Casino, built in 1946, holds a special place in Lake Tahoe’s history:
- Known for its $1.99 breakfast and resident ghost, Mary
- The Nevada Room hosted notable cabaret acts like Rowan and Martin, Rudy Vallee, Soupy Sales, and Regis Philbin
- Played a significant role in the entertainment and hospitality scene of Lake Tahoe before its decline
What Does the Future Hold for These Lake Tahoe Properties?
The future of both Homewood Mountain Resort and the Tahoe Biltmore Lodge and Casino remains uncertain:
- Homewood Mountain Resort is working to secure approvals for its revised master plan and hopes to reopen in the future
- The Tahoe Biltmore redevelopment project is seeking new investors to meet financial obligations and move forward with its luxury transformation plans
As these stories continue to unfold, they highlight the complex challenges faced by resort properties in the Lake Tahoe area, balancing financial viability with community needs and environmental concerns.