Hotel & Gaming Development Southwest

Transaction Type: Restructuring
Industry: Real Estate; Gaming
Location: Southwest United States
Client: Developer
Role: Financial Advisor and Project Manager

Cascade was responsible for leading the development team through the land assemblage, strategic planning and capital funding of a 14 acre hotel and casino development on the shores of north Lake Tahoe. Cascade prepared the financial model for the development which became the foundation for the financial feasibility as the team worked through the process. Six parcels of real estate were assembled to form the development site. Entitlements were acquired by Cascade for the resort development including gaming approvals, retail, condominiums, and fractional ownership rights. Three regulatory agencies were involved in these entitlements at the local and state levels. The area was a blighted section of the city and the Cascade team worked cooperatively to meet the objectives of the local planning and development officials.

In total, $66 million of senior, mezzanine and equity financing has been obtained by Cascade to develop the project. Cascade remains as a member of the team where a joint venture partner has taken the development lead. The resort is scheduled to commence construction in 2010.