Fertitta Entertainment, a privately held company, has agreed to buy Hard Rock Lake Tahoe for an undisclosed sum.
According to Tahoe Daily TribuneFertitta Entertainment will acquire ownership 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 approval from the Nevada Gaming Commission and other customary closing conditions.
“We have had an incredible run over the past seven years at Lake Tahoe and we couldn’t be more excited about what the future holds for our amazing team members. It has been a privilege to own this historic property. We look forward to the next chapter under the leadership of Fertitta Entertainment,” said Diana Bennett, CEO by Paragon Gaming.
“We are thrilled to welcome the Lake Tahoe property to the Golden Nugget family,” said Tilman Fertitta, CEO and owner of Fertitta Entertainment. “This acquisition presents us with a significant opportunity to expand our presence in the Northern Nevada market.”
Fertitta also has casinos in Louisiana, Mississippi and New Jersey. He is also the owner of the NBAfranchise of the Houston Rockets. Additionally, the Golden Nugget is a major 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, holding its grand opening in 2015.
Paragon Gaming acquired a majority stake in the property in 2016.
After the sale of the Lake Tahoe casino, Paragon Gaming will still have a couple of casinos in Nevada: The Den Las Vegas and Oyo Hotel & Casino.