The future of the long-delayed Waldorf Astoria Tahoe project is uncertain after developer EKN Development defaulted on an $82 million loan for the second time in a year.

The project site—formerly the historic Tahoe Biltmore Lodge and Casino in Crystal Bay—now stands in disrepair, with graffiti-covered walls and boarded windows, highlighting the stalled progress. EKN originally purchased the property in 2021 for $56.8 million, intending to build a luxury resort under the Waldorf Astoria brand, in response to growing demand for high-end accommodations in the area.

However, construction has faced repeated delays. The first loan default occurred in April 2023, later resolved through an agreement with the lender, Lake Tahoe Partners LLC. The second notice, filed February 28, 2025, cited failure to repay the principal loan amount.

Despite earlier approval from the Tahoe Regional Planning Agency (TRPA) and plans to begin construction in 2023, development has yet to gain real momentum. Some utility work and road construction occurred last year, and limited demolition is tentatively set for this summer. The current permit remains active, but future steps are unclear.

The Biltmore site has a troubled history with failed redevelopment attempts, including a 2007 plan by Boulder Bay LLC that was ultimately canceled due to financing setbacks. The area—once a hub of active casino-hotels—now faces an uncertain future, with several neighboring buildings also boarded up as the local tourism market continues to shift post-pandemic.