The Nevada Gaming Control Board will need to sign off on the transaction.
The company will transform the Nevada hotel-casino into a Golden Nugget-branded casino.
Tilman Fertitta’s Fertitta Entertainment will acquire Hard Rock Lake Tahoe from Paragon Gaming at an undisclosed price, and the casino will be rebranded as a Golden Nugget casino.
Fertitta Entertainment currently owns and operates five Golden Nugget casinos located in downtown Las Vegas, Laughlin, Louisiana, Mississippi, and Atlantic City. The company also plans to rebrand a newly acquired casino in Colorado under the Golden Nugget brand.
Fertitta expressed his excitement about the acquisition, stating, “We are thrilled to add the Lake Tahoe property to the Golden Nugget family. This purchase provides a significant opportunity for us to extend our presence in the Northern Nevada region.”
Fertitta’s acquisition of Hard Rock Lake Tahoe is subject to approval by the Nevada Gaming Control Board and other closing conditions. The entire process could take between seven to 12 months before the transaction is finalized.
Hard Rock Lake Tahoe is a hotel-casino with 539 rooms spread across 24 acres in the South Lake Tahoe market. It is one of four hotel-casinos in the area and is situated opposite the Tahoe South Events Center, an $80m project currently under construction. The 132,000-square-foot center is expected to host conferences, sports tournaments, and concerts with a seating capacity of up to 6,000 attendees.
Diana Bennett, the CEO of Paragon Gaming, expressed her excitement about the future of Hard Rock Lake Tahoe under Fertitta Entertainment’s guidance, stating that her company had an incredible run in the property over the last seven years. She also mentioned that it had been a privilege to own the historic property and was looking forward to seeing the next chapter for the amazing team members.
“We have had an incredible run over the last seven years in Lake Tahoe and couldn’t be more excited for what the future holds for our amazing team members. It’s been a privilege to own this historic property and we look forward to seeing the next chapter under the guidance of Fertitta Entertainment.”