Tilman Fertitta, the owner of the Golden Nugget brand, announced the acquisition of the Hard Rock hotel-casino resort at Lake Tahoe to expand the brand further in Northern Nevada. The Houston billionaire did not reveal the price of the forthcoming transaction that will transform the Hard Rock resort into a Golden Nugget franchise.
Significant Expansion Opportunity:
The casino mogul has also announced that the sale from the current property owner, Las Vegas-based Paragon Gaming, will most likely be finalized within 12 months. As Las Vegas Review-Journal reports, Tilman Fertitta, the owner, and CEO of Fertitta Entertainment commented: “We are thrilled to be welcoming the Lake Tahoe property to the Golden Nugget family. This acquisition represents a significant opportunity for us to expand our footprint into the Northern Nevada marketplace.”
Fertitta Entertainment, the firm run by billionaire American businessman Tilman Fertitta is behind the Golden Nugget facilities and a number of casino resorts across the states of New Jersey, Louisiana, and Mississippi. The billionaire owner also controls multiple restaurant and hotel brands across Texas – such as the mega-popular NBA brand Houston Rockets – and California, where the mogul runs the luxury oceanfront Laguna Beach Hotel.
Expanding Golden Nugget Brand:
The announced acquisition of the Lake Tahoe venue indicates that the billionaire seems particularly focused on the Golden Nugget group operations, as the brand has recently started a resort development on the Las Vegas Strip. In addition to the brand developments made in Atlantic City, New Jersey, Biloxi, Mississippi, and Lake Charles, Louisiana, Fertitta purchased around 6 acres of land on the Las Vegas Strip last year for $270 million. In October 2022, Clark County commissioners approved Fertitta’s plans for resort development on the property.
The site located at the southeast corner of Las Vegas Boulevard and Harmon Avenue will be the home to a 43-story hotel-casino development. The facility, designed to be a high-end casino resort, will feature a 37,000 sq ft spa and fitness center, a small wedding chapel, and an auto showroom. The development project has been announced to complete in less than two years, but the construction hasn’t started yet. Meanwhile, the project has been expanded to include 2,420 rooms, convention space, and a theater with around 2,500 seats.
Golden Nugget Resort Las Vegas will also feature VIP space and a high-limit gambling lounge once it is open. The opening now seems set beyond the scheduled two-year time as the billionaire owner is busy expanding across Northern Nevada. However, the latest acquisition of the Hard Rock hotel-casino resort at Lake Tahoe and its inclusion in the Golden Nugget brand may represent Fertitta’s intention to come up with comprehensive hotel-casino Nevada offerings within the shortest time frame for two simultaneous projects.