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Houston billionaire Tilman Fertitta, owner of the Houston Rockets, Landry’s restaurant chain and Golden Nugget Casino, is adding another Nevada hotel and gaming complex to his sprawling empire.
Fertitta Entertainment said Monday that it has agreed to acquire Stateline’s Hard Rock Lake Tahoe from Enterprise, Nevada-based Paragon Gaming and bring it under the Golden Nugget umbrella. The company said the purchase price was not disclosed, but it expects the deal to close within seven months to a year, depending on regulatory approvals and other conditions.
The acquisition is the latest move by Fertitta Entertainment to expand its Golden Nugget brand, which has locations in Las Vegas and Laughlin, Nevada. Lake Charles, Louisiana; Atlantic City; and Biloxi, Mississippi. The company is also converting the Wildwood Casino and Hotel west of Colorado Springs, Colorado, into a Golden Nugget location. The upcoming Danville, Illinois location will open this summer, the company said.
“We’ve got two other great locations in Nevada,” Fertitta said. “However, Lake Tahoe adds a great opportunity to our mix because it’s considered a great ski resort. It has all the natural resources that make it an ideal place to play.”
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The Fertitta Entertainment group owns Landry’s Hospitality, Landry’s Entertainment and Post Oak Motor Cars, as well as the Rockets, Golden Nugget and Fertitta’s restaurant brands.
“This acquisition presents us with a significant opportunity to expand our footprint into the Northern Nevada market,” Fertitta said in a statement.
The 24-acre Hard Rock complex near the south shore of Lake Tahoe features 539 hotel rooms and a 25,000-square-foot casino with more than 430 slot machines, table games and sportsbooks. It also has multiple restaurants, bars, shops, banquet and meeting facilities, and indoor and outdoor live entertainment, according to an email from a company spokesperson on Monday.
Paragon CEO Diana Bennett said in a statement Monday: “Over the past seven years, we’ve had an incredible run at Lake Tahoe, and it’s an incredible achievement for our fantastic team. We couldn’t be more excited about the future of our members.”
nusaiba.mizan@chron.com
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