{"id":266263,"date":"2023-03-26T16:57:38","date_gmt":"2023-03-26T21:57:38","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=266263"},"modified":"2023-03-27T12:52:25","modified_gmt":"2023-03-27T17:52:25","slug":"fertitta-entertainment-buying-hard-rock-tahoe","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/fertitta-entertainment-buying-hard-rock-tahoe\/","title":{"rendered":"Tilman Fertitta Acquiring Hard Rock Tahoe, Plans Golden Nugget Conversion"},"content":{"rendered":"

Fertitta Entertainment is acquiring Hard Rock Hotel & Casino Lake Tahoe from Paragon Gaming. It\u00a0 could ultimately rebrand the property to a Golden Nugget venue.<\/p>\n

\"Hard
The Hard Rock Hotel & Casino Lake Tahoe. Fertitta Entertainment is buying the venue. (Image: SFGate<\/em>)<\/figcaption><\/figure>\n

Financial terms of the transaction, which is slated to close in the next seven to 12 months, weren\u2019t revealed. Fertitta Entertainment controls the Golden Nugget casino empire, making Hard Rock Tahoe\u2019s conversion to that brand likely in the future. The deal marks the operator\u2019s first move into the Reno-Lake Tahoe market.<\/p>\n

We are thrilled to be welcoming the Lake Tahoe property to the Golden Nugget family,\u201d<\/strong> said Tilman Fertitta in a statement. \u201cThis acquisition represents a significant opportunity for us to expand our footprint into the Northern Nevada marketplace.\u201d<\/strong><\/p><\/blockquote>\n

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<\/a>., 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.<\/p>\n

Paragon Pares Portfolio<\/h2>\n

When it comes to casinos, the Hard Rock brand is synonymous with venues controlled and operated by the Seminole Tribe of Florida.<\/p>\n

\n

Las Vegas-based Paragaon Gaming rebranded the Lake Tahoe property to Hard Rock in January 2015, licensing that name from the Seminoles. The venue opened in 1965 as Sahara Tahoe. The brand changed to High Sierra in 1983, and in 1990, the name was altered to Horizon Lake Tahoe.<\/p>\n<\/div>\n

With the sale, Paragon\u2019s property portfolio<\/a> will be reduced to two —\u00a0 the OYO Hotel and Casino Las Vegas and The Den Las Vegas.<\/p>\n

\u201cWe have had an incredible run over the last seven years in Lake Tahoe and couldn\u2019t be more excited for what the future holds for our amazing team members. It\u2019s been a privilege to own this historic property and we look forward to seeing the next chapter under the guidance of Fertitta Entertainment,\u201d said Diana Bennett, CEO of Paragon Gaming, in the statement.<\/p>\n

Hard Rock Sale Extends Busy Period in Reno-Tahoe Market<\/h2>\n

Fertitta\u2019s purchase of Hard Rock Hotel & Casino Lake Tahoe extends what\u2019s been a brisk stretch of acquisitions and openings in the Reno-Tahoe market.<\/p>\n

Last week, Nevada regulators signed off on Century Casinos\u2019 $195 million purchase<\/a> of the Nugget Sparks — a deal announced 13 months ago.<\/p>\n

\n

Last November, Elevation Entertainment announced plans for the Firecreek Crossing Resort-Casino in Reno. Firecreek Crossing Resort-Casino will be the newest casino in Reno, following the debut of Legends Bay<\/a> Casino in Sparks last year. Legends Bay is the first from-the-ground-up casino in Sparks in nearly three decades. Reno-Tahoe isn\u2019t competitive with Las Vegas from a gross gaming revenue (GGR) perspective. But the former is increasingly attractive to operators.<\/p>\n<\/div>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fertitta Entertainment is acquiring Hard Rock Hotel & Casino Lake Tahoe from Paragon Gaming. It\u00a0 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\u2019t revealed. Fertitta Entertainment controls the Golden Nugget casino empire, making Hard Rock […]<\/p>\n","protected":false},"author":46,"featured_media":266264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,32093],"tags":[81897,81903,81966],"acf":[],"yoast_head":"\nFertitta Entertainment Buying Hard Rock Tahoe<\/title>\n<meta name=\"description\" content=\"Fertitta Entertainment acquiring Hard Rock Tahoe for undisclosed sum.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/fertitta-entertainment-buying-hard-rock-tahoe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fertitta Entertainment Buying Hard Rock Tahoe\" \/>\n<meta property=\"og:description\" content=\"Fertitta Entertainment acquiring Hard Rock Tahoe for undisclosed sum.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/fertitta-entertainment-buying-hard-rock-tahoe\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-26T21:57:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-27T17:52:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/hr-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/fertitta-entertainment-buying-hard-rock-tahoe\/\",\"url\":\"https:\/\/www.casino.org\/news\/fertitta-entertainment-buying-hard-rock-tahoe\/\",\"name\":\"Fertitta Entertainment Buying Hard Rock Tahoe\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/fertitta-entertainment-buying-hard-rock-tahoe\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/fertitta-entertainment-buying-hard-rock-tahoe\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/hr-1.jpg\",\"datePublished\":\"2023-03-26T21:57:38+00:00\",\"dateModified\":\"2023-03-27T17:52:25+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Fertitta Entertainment acquiring Hard Rock Tahoe for undisclosed sum.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/fertitta-entertainment-buying-hard-rock-tahoe\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/fertitta-entertainment-buying-hard-rock-tahoe\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/fertitta-entertainment-buying-hard-rock-tahoe\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/hr-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/hr-1.jpg\",\"width\":1200,\"height\":667,\"caption\":\"The Hard Rock Hotel & Casino Lake Tahoe. The NGCB approved Tilman Fertitta's purchase of the venue. 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