Tilman Fertitta Acquiring Hard Rock Tahoe, Plans Golden Nugget Conversion

Posted on: March 26, 2023, 04:57h. 

Last updated on: March 27, 2023, 12:52h.

Todd Shriber @etfgodfather Read More

Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Fertitta Entertainment is acquiring Hard Rock Hotel & Casino Lake Tahoe from Paragon Gaming. It  could ultimately rebrand the property to a Golden Nugget venue.

Financial terms of the transaction, which is slated to close in the next seven to 12 months, weren’t revealed. Fertitta Entertainment controls the Golden Nugget casino empire, making Hard Rock Tahoe’s conversion to that brand likely in the future. The deal marks the operator’s first move into the Reno-Lake Tahoe market.

We are thrilled to be welcoming the Lake Tahoe property to the Golden Nugget family,” said Tilman Fertitta in a statement. “This acquisition represents a significant opportunity for us to expand our footprint into the Northern Nevada marketplace.”

The venue will be the third Golden Nugget in Nevada, joining one in downtown Las Vegas and another in Laughlin. Other properties bearing that name are located in Atlantic City, NJ, Lake Charles, La., and Biloxi, Miss. A recently acquired casino hotel in Cripple Creek, Colo. will likely be transitioned to Golden Nugget branding, and the operator recently broke ground on a new venue in Illinois.

Paragon Pares Portfolio

When it comes to casinos, the Hard Rock brand is synonymous with venues controlled and operated by the Seminole Tribe of Florida.

With the sale, Paragon’s property portfolio will be reduced to two —  the OYO Hotel and Casino Las Vegas and The Den Las Vegas.

“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,” said Diana Bennett, CEO of Paragon Gaming, in the statement.

Hard Rock Sale Extends Busy Period in Reno-Tahoe Market

Fertitta’s purchase of Hard Rock Hotel & Casino Lake Tahoe extends what’s been a brisk stretch of acquisitions and openings in the Reno-Tahoe market.

Last week, Nevada regulators signed off on Century Casinos’ $195 million purchase of the Nugget Sparks — a deal announced 13 months ago.

While nearby Lake Tahoe is home to famed ski resorts and other outdoor recreation, Reno is attracting companies such as Amazon, Alphabet, Apple, and Tesla, contributing to an unemployment rate below 3%, far below Nevada and national averages.