Fertitta Entertainment is to take further steps into the Nevada casino market through the purchase of Hard Rock Hotel & Casino – Lake Tahoe from Paragon Gaming.
The agreement for the Stateline-located gaming property is for an undisclosed price, with the transaction expected to close within the next seven to twelve months, subject to regulatory approvals and other customary closing conditions.
Following completion, the company plans to transform the Hard Rock Lake Tahoe venue into a Golden Nugget Hotel and Casino through a planned property remodelling.
The establishment features 539-rooms, a 25,000 plus square-foot casino, multiple restaurants and bars, and an assortment of live-entertainment both indoors and out.
Fertitta Entertainment currently boasts a Golden Nugget land-based network that covers Atlantic City, Las Vegas, Lake Charles, Biloxi and Laughlin, with a rebrand of the Wildwood Casino and Hotel in Cripple Creek, Colorado, to take place following 2022’s $43m purchase agreement.
Tilman Fertitta, CEO and owner of Fertitta Entertainment, also acquired a larger stake in Wynn Resorts in November of last year, with headlines circling for some time of a potential development on the Las Vegas Strip.
“We are thrilled to be welcoming the Lake Tahoe property to the Golden Nugget family,” said Fertitta. “This acquisition represents a significant opportunity for us to expand our footprint into the Northern Nevada marketplace.”
Paragon, which leases the Hard rock moniker from the Seminole Indian Tribe of Florida, reopened the Lake Tahoe property in 2015 after making its own purchase.
“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,” added Diana Bennett, CEO of Paragon Gaming.
“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.”