Tilman Fertitta’s company owns five Golden Nugget Hotel and Casino properties. Following the transaction’s completion, there are plans to remodel Hard Rock Lake Tahoe into a Golden Nugget, expanding the company’s presence in the Northern Nevada market. The property was last remodeled in 2015 when Paragon licensed the Hard Rock name from the Seminole Indian Tribe.
New Life for Hard Rock Lake Tahoe
Although the price isn’t yet disclosed, the announcement contained approximate transaction completion dates. Taking into account regulatory approvals and other closing conditions, it should be seven to 12 months before Fertitta officially owns Hard Rock Lake Tahoe. No further details were mentioned about a possible date for the remodeling.
However, Tahoe Daily Tribune’s report outlined Fertitta’s excitement about the prospect, and it made clear that the remodeling plan will be put into motion as soon as possible. It also contained words from Paragon Gaming’s chief executive officer – Diana Bennett – who said the company was looking forward to seeing what the future holds for this historic property.
It’s a 539-room casino hotel that sits on 24 acres of land, with 25,000 square feet dedicated to the casino. Hard Rock Lake Tahoe is one of four hotel-casinos in the South Lake Tahoe gaming market and sits across Bally’s Lake Tahoe. However, Nevada’s regulators still need to approve the purchase, and regular transaction conditions still need to be met, before it can begin its new journey.
Fertitta’s Track Record Inspires Confidence
Tilman Fertitta’s name is hugely popular in the industry, and for good reason. He is a well-known businessman, a billionaire, and a TV personality. Additionally, the Golden Nugget brand has been enjoying recognition and a good name for years, so many people are optimistic this could be a good move for the market in the region.
Although this is the first step for Fertitta Entertainment in this region, the operator also has two more Golden Nugget establishments in the state of Nevada – one is in Laughlin, and the other is in Las Vegas. The Strip has been another focal point for the investor. He purchased 6.2 acres of land on the Las Vegas Strip for $270 million last summer and announced his plans for hotel and casino there.
Additionally, Fertitta became the second-largest shareholder of Wynn Resorts Ltd at the tail end of October 2022, further strengthening the notion that The Strip is definitely a point of interest for Fertitta and other investors. He bought 6.9 million Wynn shares, which moved the needle in Wynn’s share prices both in the premarket, as well as on the day’s closure.