Crystal Bay casinos sold to development group | SierraSun.com

Crystal Bay casinos sold to development group

Associated Press

CRYSTAL BAY (AP) A development company has purchased a pair of Crystal Bay casino properties, and announced plans for an upscale mixed-use development.Lake Tahoe-based Boulder Bay LLC has purchased the Tahoe Biltmore Lodge & Casino and the nearby Crystal Bay Hotel for an undisclosed price, company officials said. The latter is a separate property from the Crystal Bay Club Casino.Boulder Bay also has purchased a handful of surrounding properties, including the vacant site of the Mariner Hotel, giving the company a large swath of land in the Crystal Bay area.Boulder Bay, a partnership between International Supply Consortium, Shoreline Capital and Scott Cos., has not finalized its development plans, officials said.We are looking forward to working in tandem with all of the stakeholders and communities involved to develop an exciting master plan, said Roger Wittenberg, founder and CEO of ISC.Vince Scott, president of Scott Cos., said Boulder Bay plans to keep business as usual while a specific plan for the properties is developed.Initial plans call for the development to feature upscale hotel accommodations and services, plus new retail and high-end casinos that will use existing gaming partners.The goal is to redevelop those core pieces into something that increases the value for everyone, at the same time add back to the environment, fixing some of the current conditions there that arent terrific, said Steven Aynes, principal of Shoreline Capital.Andy Chapman, tourism director for the North Lake Tahoe Resort Association, said an upgrade of the Crystal Bay area would benefit the entire North Shore.That area has been in some need for some redevelopment and some capital improvement, and this will certainly do that, Chapman said. It will only make that area of Tahoe and the North Shore that much more attractive to visitors. Im looking forward to seeing what their plans are.The Biltmore was sold by a group of individual investors, Aynes said.