Silicon Valley Billionaire To Buy California CasinoLarry Ellison Wins Bid To Acquire Shuttered Cal Neva |
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One of the richest men in the world is buying a California hotel casino through its bankruptcy.
According to a report from the Sacramento Bee, tech billionaire Larry Ellison’s Lawrence Investments is spending $35.8 million to acquire the Cal Neva Resort & Casino. The property sits on the California-Nevada border.
The resort-casino, which once belonged to Frank Sinatra, closed in 2013.
Earlier this month a federal bankruptcy judge approved the sale to the Ellison-led group. The property reportedly received no other bids. The new owner hasn’t yet indicated what it plans on doing with the property.
The casino closed with 116,000 square feet of gaming floor space. The property was in the midst of a $49 million renovation when it closed and entered bankruptcy.
Ellison’s acquisition adds another acclaimed piece of real estate to his portfolio. According to Forbes, his net worth is more than $40 billion.
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