“This acquisition represents a significant opportunity for us to expand our footprint into the Northern Nevada marketplace.”įertitta, 65, oversees a corporate empire that includes dozens of restaurant brands, the NBA’s Houston Rockets, the upscale Post Oak Hotel in Houston and an oceanfront luxury resort in Laguna Beach, California. “We are thrilled to be welcoming the Lake Tahoe property to the Golden Nugget family,” Fertitta, owner and CEO of Fertitta Entertainment, said in a news release Friday. The sale, by Las Vegas-based Paragon Gaming, is expected to close in the next seven to 12 months. The Houston billionaire announced he is acquiring the Hard Rock hotel-casino at Lake Tahoe for an undisclosed price and will transform it into a Golden Nugget-branded property. Tilman Fertitta is expanding the Golden Nugget brand to Northern Nevada. In discussing the plans for the property, Fertitta’s attorney Sonia Vermeys, with Brownstein Hyatt Farber Schreck, told the Commission that the buyers intend to retain the current employees and their benefits.The Hard Rock hotel-casino at Lake Tahoe in Northern Nevada. It’s a global spot and to have this kind of capital coming in is a testament to the durability and attractiveness of Lake Tahoe as a gaming and hospitality destination.” With the convention center across the street opening next week at a special event, this is an amazing and welcome addition. Your business assessment is correct that it could reach another level.

Every rendition of this property for the last 35 years has been a bit tired and needed a little help. “For the parents of kids who grew up with my kids and make their living off the property, it’s important. “We’re a small community, so a $227 million capital infusion is a big deal,” Krolicki said. In comments before the unanimous vote to approve the sale and licensing, Commissioner Brian Krolicki said the resort is in his Lake Tahoe neighborhood and welcomes the investment in the community by Fertitta.

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