The already crowded field of candidates vying to replace Gov. Gavin Newsom in 2026 has grown by one.
Southern California philanthropist and businessman Stephen Cloobeck announced his run for California governor on Tuesday with a barrage of advertisements on TV stations and news websites, targeting Californians following the results of the 2024 presidential election.
Cloobeck, 63, struck a pro-business tone in the crowded governor’s race, saying in one advertisement that California is “closed for business, and we’ve had enough.”
Cloobeck joins high-level Democratic candidates that include Lt. Gov. Eleni Kounalakis, former state Controller Betty Yee, state Sen. Toni Atkins, former Los Angeles Mayor Antonio Villaraigosa and state schools Supt. Tony Thurmond.
All are trying to succeed Newsom, who is serving his second and final term in office.
“If we were a country, California would be the fifth largest economy on the planet,” Cloobeck said in a statement. “We need to act like it. We need to be seen once again as an innovative, future-focused, world-class community that is leading the way, always moving forward, not stuck at the end of a cul-de-sac wondering why we hit a dead end.”
The governor’s race has no apparent front-runner. Whomever voters send to Sacramento in 2026 will face a long list of major issues, including homelessness, the rising cost of housing, concerns about crime and an unemployment rate that remains stubbornly higher than the national average.
California’s next governor also will have to contend with President-elect Donald Trump’s vow to challenge California policies on combating climate change and protecting immigrants.
Cloobeck made his fortune in real estate and hospitality, and founded Diamond Resorts International, a sprawling time-share and vacation property company. He sold the firm in 2016.
Cloobeck is a longtime donor and fundraiser for Democrats and philanthropic causes. Last year he said he contributed $1 million to LA4LA, a public-private partnership launched by Mayor Karen Bass to build affordable housing in Los Angeles, and has given to Southern California schools, police departments and churches.
He recently appeared in advertisements for Measure G, the L.A. County reform measure that would expand the board from five to nine supervisors and create an elected chief executive position. As of Wednesday, the measure was winning by a hair.
Cloobeck has lived in Nevada and California and was recently the chair of Nevada’s athletic commission. He said he also played a key role in renaming the Las Vegas airport for his friend and mentor, the late Sen. Harry Reid.
Cloobeck also appeared on several episodes of “Undercover Boss,” the reality show that sends executives in disguise into low-level jobs at their own companies, including in one episode where he donned a Guy Fieri-like disguise and played the character of an out-of-work construction worker from Bakersfield.