Houston Rocket’s owner, Tilman Fertitta, has been a prominent figure in the casino sector. He continues expanding his industry dominance by acquiring Hard Rock Tahoe and plans to convert the location into a Golden Nugget facility.
How Long Will the Transaction Take?
Currently, the company owns five Golden Nugget hotels and casino properties and plans to expand. The financial terms haven’t been disclosed, but the deal is expected to close in the next seven to 12 months. With the transaction in the works, Paragon’s portfolio will be down to two properties: the OYO Hotel and Casino Las Vegas and The Den Las Vegas.
This is a huge deal for Golden Nugget as it creates a presence in the Northern part of the state. When Paragon licensed the Seminole Indian Tribe’s Hard Rock name in 2015, the property was remodeled. Regarding the remodeling process, a definite time frame has yet to finalize.
Regardless of the situation, Tilman Fertitta is excited about the outlook for the historic facility moving forward. On top of that, Paragon Gaming’s chief executive officer, Diana Bennett, is also enthusiastic about what the future holds for the location as it will just be the third Golden Nugget casino property in Nevada.
Golden Nugget Continues to Expand Its Horizon in the Tough Industry
As it currently stands, the property is on 24 acres of land, with 25,000 square feet dedicated to just the casino. Hard Rock Lake Tahoe is just one of the four casinos and hotels in the area and is across from Bally’s Lake Tahoe.
Golden Nugget Casino is a renowned brand in the industry in Atlantic City, New Jersey, Lake Charles, Louisiana, and Biloxi, Mississippi, and recently acquired a venue in Cripple Creek, Colorado. The popular brand has also expanded to Illinois.
Diana Bennett, CEO of Paragon Gaming, stated in a press release, “We have had an incredible run over the last seven years in Lake Tahoe and couldn’t be more excited for what the future holds for our amazing team members… It’s been a privilege to own this historic property, and we look forward to seeing the next chapter under the guidance of Fertitta Entertainment.”
Tilman Fertitta Has Become Someone to Emulate in the Casino Industry
Those who are trying to take a similar path can use Feritta’s track record as guidance in the sector. The billionaire owns the Houston Rockets and has become a regular on television for stations like CNBC and Fox Business. Less than a year ago, DraftKings completed the acquisition of Golden Nugget Online Gaming, Inc.
This was huge news for both sides, especially for DraftKings, as FanDuel is its primary rival in both the sports betting and iGaming industry. By enhancing its structure in the iGaming industry, DraftKings has used the key partnership to reach a new target demographic in the process in the very competitive sectors.
Even though Golden Nugget continues to expand in the casino industry, acquiring the property from Hard Rock is just the beginning in the region. The Las Vegas Strip has been a crucial benchmark for the brand. In addition, He paid $270 million for 6.2 acres of land on the Las Vegas Strip last summer and announced plans for a hotel and casino there.
By becoming a prominent figure in the casino world, Fertitta has built his reputation as an investor. Having purchased 6.9 million shares in Wynn, he is now the company’s second-largest shareholder. What is the billionaire’s next investment?
Last Updated on by Ryan