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STATELINE, Nevada – Hard Rock in Lake Tahoe will soon be a gold nugget, according to today’s announcement from Fertitta Entertainment, LLC. The company, which also owns the Chart House chain and the Houston Rockets, announced they signed a purchase agreement to acquire the Hard Rock Hotel & Casino Lake Tahoe in Stateline, Nevada, including the 24-acre Paragon Gaming property and business an undisclosed price.
The transaction is expected to close within the next seven to 12 months, subject to regulatory approvals and other customary closing conditions.
Shortly after the deal closed, Fertitta Entertainment converted the Hard Rock Lake Tahoe property into the Golden Nugget Hotel and Casino, with plans to remodel the property.
“We are excited to welcome Lake Tahoe Properties to the Golden Nugget family,” said Tilman Fertitta, CEO and owner of Fertitta Entertainment. “This acquisition represents the expansion of our footprint into northern Nevada An important opportunity in the market. “
“We’ve had incredible success at Lake Tahoe over the past seven years, and we couldn’t be more excited for the future of our fantastic team members. It has been a privilege to own this historic property and we look forward to the See the next chapter under the direction of Fertitta Entertainment,” said Diana Bennett, CEO of Paragon Gaming.
Credit Suisse acted as exclusive financial advisor to Hard Rock Hotel & Casino Lake Tahoe.
Fertitta Entertainment also owns Rainforest Café, Del Frisco’s, Bubba Gump Shrimp Company, Morton’s The Steakhouse, as well as Landry’s, Houston Rockets and Golden Nuggets.
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