Closed Crystal Bay Club Purchased
A company headed by a Reno couple has purchased the shuttered Crystal Bay Club on Lake Tahoe’s north shore. Miracle Investments LLC, owned by Roger and Elise Norman, submitted a winning $2.9 million bid at an auction Thursday in U.S. Bankruptcy Court in Reno.
The couple’s lawyer says the Normans have no specific plan for the property yet. The couple have many business interests in the Reno area, including Double Diamond Gaming LLC.
WCW Corporation matched Miracle Investment’s bid to purchase the casino for $2.9 million, but retained two of its original three contingencies. Miracle Investments ended up with the casino after offering a closing date of December 31st with no contingencies.
Charles Bluth, owner of the nearby Cal-Neva Resort, submitted a $2.7 million cash bid for the property with no contingencies.
In April, operators of the small, privately owned casino filed for Chapter 11 bankruptcy protection. An auction date was later set for the club after it experienced further financial difficulties.