Fertitta Acquiring Hard Rock Tahoe, Plans Golden Nugget Conversion
Tilman Fertitta’s Fertitta Entertainment is getting Hard Rock Hotel & Casino Lake Tahoe from Paragon Gaming and could at last rebrand the holding to a Golden Nugget venue.
Financial terms of the transaction, which is slated to tightlipped in the next sevener to 12 months, weren’t revealed. Fertitta Entertainment controls the Golden Nugget casino empire, making Hard John Rock Tahoe’s changeover to that brand likely in the future. The sell marks the operator’s for the first time move into the Reno-Lake Tahoe market.
We are thrilled to be welcoming the Lake Tahoe holding to the Golden Nugget family,” said Fertitta inwards a statement. “This acquisition represents a substantial opportunity for us to spread out our footmark into the Northern Nevada marketplace.”
The locus will be the 3rd Golden Nugget inwards Nevada, connection ane in downtown Las Vegas and another inwards Laughlin. Other properties bearing that name are set in Atlantic Ocean City, NJ, Lake Charles, La. and Biloxi, Miss. A latterly acquired casino-hotel in Cripple Creek, Colo. testament likely follow transitioned to Golden Nugget branding and the manipulator of late stony-broke strand on a new venue Illinois.
Paragon Pares Portfolio
When it comes to casinos, the Hard Rock brandmark is most synonymous with venues controlled and operated by the Seminole Tribe of Florida.
Las Vegas-based Paragaon Gaming rebranded the Lake Tahoe attribute to Hard Rock inward January 2015, licensing that epithet from Seminole. The locus opened inwards 1965 as Sahara Desert Tahoe. The firebrand changed to High Sierra inwards 1983 and in 1990, the nominate was altered to Horizon Lake Tahoe.
With the sale, Paragon’s prop portfolio testament be reduced to II — OYO Hotel and Casino Las Vegas and The Den Las Vegas.
“We have got had an incredible course o'er the cobbler's last septenary years in Lake Tahoe and couldn’t live more excited for what the time to come holds for our awful team members. It’s been a privilege to own this historical attribute and we seem forward to seeing the next chapter under the counselling of Fertitta Entertainment,” said Diana Bennett, CEO of Paragon Gaming, in the statement.
Hard John Rock Sale Extends Busy Period in Reno-Tahoe Market
Fertitta’s purchase of Hard John Rock Hotel & Casino Lake Tahoe extends what’s been a brisk stretchiness of acquisitions and openings inwards the Reno-Tahoe market.
Last week, NV regulators signed turned on Century Casinos’ $195 one thousand thousand purchase of the Nugget Sparks — a deal announced 13 months ago.
Last November, Elevation Entertainment announced plans for the Firecreek Crossing Resort-Casino inwards Reno. Firecreek Crossing Resort-Casino testament follow the newest cassino in Reno, following the debut of Legends Bay Casino inward Sparks utmost year. Legends Bay is the foremost from-the-ground-up casino inward Sparks inward nearly three decades. Reno-Tahoe isn’t free-enterprise(a) with Las Vegas from a receipts gaming revenue (GGR) perspective, but the former is more and more attractive to operators.
While nearby Lake Tahoe is nursing home to famed ski resorts and other outdoor recreation, Reno is attracting companies, such as Amazon, Alphabet, Apple and Tesla, contributing to an unemployment place infra iii percent — far below Silver State and national averages.
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