After being acquired by billionaire American businessman, Larry Ellison, for approximately $35.8 million late last year, the shuttered Cal Neva Resort and Casino is now reportedly in the process of being renovated with the intent of re-opening as a casino and hotel.

Billionaire owner:

According to a Monday report from the Reno Gazette-Journal newspaper, the new owner with an estimated fortune of at least $40 billion is the man behind computer technologies giant, Oracle Corporation. The 74-year-old entrepreneur had his acquisition of the historic property once owned by entertainer, Frank Sinatra, approved by a federal bankruptcy judge in October after the previous proprietor had shut the enterprise before entering insolvency.

Some cabins being demolished:

The newspaper reported that fire and safety concerns have led to construction crews pulling down a few of the external cabins at the venue located along the border between Nevada and California. This process is due to be finished by the end of the year with the Incline Village Crystal Bay Visitors Bureau telling the Reno Gazette-Journal that the new owner intends to keep Cal Neva Resort and Casino as a casino and hotel.

President and Chief Executive Officer for the Incline Village Crystal Bay Visitors Bureau, Andy Chapman, to the Reno Gazette-Journal…

“They did say that the intent is to ultimately continue with a lodging casino as has historically been on the site. The investment behind the project will be great. It’s good news for us.”

Storied history:

Opened in 1926, Cal Neva Resort and Casino was acquired by Sinatra in 1960 and soon became a playground for some of the world’s most famous celebrities including the likes of Marilyn Monroe, Dean Martin and Sammy Davis Jr. However, the property, which includes a ten-story hotel tower along with a small casino, struggled to turn a profit after the legendary singer sold his stake in 1968 and subsequently changed hands several times amid continuing underperformance.

The newspaper reported that the venue on the banks of Lake Tahoe was purchased by Criswell Radovan in 2013 with the intention of spending some $49 million on renovations. But, this work ended three years later before the California-based property developer filed for Chapter 11 bankruptcy protections.