The Nevada Gaming Commission has given the all-clear to Tilman Fertitta to take over the Hard Rock Lake Tahoe casino resort. The unanimous decision on Thursday means that the deal should go through on Friday. The property’s name will change to the Golden Nugget Lake Tahoe Hotel and Casino.
agreed to purchase the property from Paragon Gaming for an undisclosed sum
Fertitta Entertainment agreed to purchase the property from Paragon Gaming for an undisclosed sum in March. The seller licensed the Hard Rock name and will only operate a single casino in the state upon deal completion – the Oyo Hotel and Casino in Las Vegas.
Fertitta plans to renovate the property, aiming to spend around $227m to do so. As this work is still in the planning stages, there is no timeline for its completion. He intends to retain the current staff and keep the property operational during the phased renovations.
Fertitta owns the Golden Nugget brand, which boasts casinos in numerous states. He also owns the Houston Rockets NBA team and Landry’s restaurant chain.