Bankruptcy court judge approves Cal Neva Resort & Casino settlement
A U.S. Bankruptcy Court judge in Reno, Nev., has signed off on a deal that paves the way for Cal Neva Resort & Casino to be acquired by a Silicon Valley billionaire.
Judge Gregg W. Zive approved a compromise and settlement agreement between creditors tied to the resort and casino, which is located in Crystal Bay, Nev. The judgment was entered on Tuesday, Dec. 26.
Lawrence Investments LLC, a venture capital investment firm headed by Oracle Corp. co-founder Larry Ellison, will assume control of the property. Lawrence Investments LLC will pay $35.8 million to acquire the resort and casino.
Read more about the history of Cal Neva resort & Casino here.