Golden Nugget Lake Tahoe Undergoing Complete Overhaul Following Acquisition

Posted on: July 24, 2024, 12:19h. 

Last updated on: July 24, 2024, 02:42h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Golden Nugget Lake Tahoe in Stateline, Nev. along the California border is set for a complete overhaul of the resort casino.

Golden Nugget Lake Tahoe Nevada Tilman Fertitta
Golden Nugget Lake Tahoe will soon embark on a property-wide renovation of the casino resort. The project comes less than a year after Fertitta Entertainment acquired the former Hard Rock property from Paragon Gaming. (Image: Tripadvisor)

Billionaire Tilman Fertitta’s Fertitta Entertainment Inc. acquired the former Hard Rock Hotel & Casino Lake Tahoe last year from Paragon Gaming for an undisclosed price. Both entities are privately held.

The 539-room hotel and 25,000-square-foot casino resort rebranded to Golden Nugget in September 2023. It marked the eighth casino in Fertitta’s Golden Nugget empire to go along with gaming resorts in Las Vegas, Laughlin, Atlantic City, Biloxi, Louisiana’s Lake Charles, Colorado’s Cripple Creek, and Illinois’ Danville.

Appearing before the Nevada Gaming Control Board (NGCB) to receive the state’s go-ahead to renovate the hotel-casino, Golden Nugget Lake Tahoe General Manager Jason Sides said “every square foot” of the property will be touched during the revamp.

Resort Overhaul

Sides didn’t specify how much capital Fertitta Entertainment is plowing into the Lake Tahoe property, but it’s presumably tens of millions of dollars.

We have big plans for the property with significant capital investment,” Sides explained. “ We’re going to touch basically every square foot of the property.”

Sides’ boss, Mr. Fertitta, told the same board after filing acquisition paperwork in 2023 that he saw the Hard Rock property “as a great opportunity” to expand his casino portfolio.

We will take this property and totally transform it,” Fertitta told the NGCB. “And, as we always do, add the Golden Nugget name to it. We expect it to be one of the top properties in the [South Shore Lake Tahoe] market.”

The Golden Nugget Lake Tahoe renovation will see each guestroom made over. Rooms will remain available throughout the undertaking, though at reduced capacity as one hotel tower will remain open while the other is renovated, and vice versa.

Two new restaurants — Mastro’s Steak House and Saltgrass Steak House, which are under Fertitta’s Landry’s umbrella of hospitality brands, are also part of the resort redo.

The casino floor will see interior enhancements and upgrades of the gaming venue’s 500 slot and video poker machines. New table games are also forthcoming.

Sides says the company believes the work can be completed by early next year.

South Shore Gaming Market

Along with Golden Nugget, South Shore Lake Tahoe is home to three other casinos — Harvey’s, Harrah’s, and Bally’s. Over the past 12 months, the four casinos won about $248.6 million, a 1.2% year-over-year decline.

Fertitta remains bullish on the Nevada gaming industry, as the Lake Tahoe pickup takes his Silver State holdings to three with his downtown Las Vegas and Laughlin Nuggets. Fertitta is also mulling a new, from-the-ground-up integrated resort on the Las Vegas Strip. The casino owner paid $270 million for 6.2 acres of prime property located at S. Las Vegas Blvd. and Harmon Avenue in 2022.

After purchasing the tract, Fertitta had the Travelodge and retail strip mall that occupied the acres demolished.

In addition to his spending in Nevada, Fertitta’s organization began a major overhaul of its Atlantic City Golden Nugget in February that involves all 700 guestrooms being upgraded.