Fertitta Entertainment, a privately held company, has agreed to purchase the Hard Rock Lake Tahoe for an undisclosed sum.
According to the Tahoe Daily Tribune, Fertitta Entertainment will acquire the property from Las Vegas-based Paragon Gaming.
The plan is to rebrand the casino as Golden Nugget. According to reports, the transaction is expected to close within the next seven to twelve months, subject to regulatory approvals from the Nevada Gaming Commission and other customary closing conditions.
“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. We look forward to seeing the next chapter under the guidance of Fertitta Entertainment,” said Diana Bennett, CEO of Paragon Gaming.
“We are thrilled to be welcoming the Lake Tahoe property to the Golden Nugget family,” said Tilman Fertitta, CEO and owner of Fertitta Entertainment. “This acquisition represents a significant opportunity for us to expand our footprint into the Northern Nevada marketplace.”
Fertitta also has casinos in Louisiana, Mississippi, and New Jersey. He’s also the owner of the NBA’s Houston Rockets franchise. Additionally, the Golden Nugget is a prominent online casino gambling brand in the Garden State.
Hard Rock Lake Tahoe (formerly Sahara Tahoe, High Sierra, Horizon Lake Tahoe and Park Tahoe) is located in Stateline, Nevada. The casino closed on April 1, 2014, to begin a $60 million renovation and rebranding as Hard Rock Lake Tahoe, which held its grand opening in 2015.
Paragon Gaming acquired a majority stake in the property in 2016.
Following the sale of the Lake Tahoe casino, Paragon Gaming will still have a pair of casinos in Nevada—The Den Las Vegas and Oyo Hotel & Casino.