Noticias de ultima
  • 12.00 Andrés Troelsen analyzes how Belatra Games went through the recent edition of SAGSE
  • 12.00 BetConstruct Introduces 3 New Advanced Services: Zone Solutions, Pro DDOS Protection and Business Dashboard
  • 12.00 Total success at SAGSE Latam: Land Vegas and Novomatic celebrate successful collaboration
  • 12.00 Sportradar and Oddin.gg ink AV betting agreement to elevate and expand esports reach
  • 12.00 Soft2Bet granted Ontario Certification of Registration and readies for imminent launch
  • 12.00 Spinning the Reels in the Limelight: How streamers are revolutionizing slot gaming, by CT Interactive
  • 12.00 Commission approves project that allocates part of lottery revenue to institutions that care for the elderly
  • 12.00 Fast Track welcomes PolarLotto: Taking online lotto in Sweden to new heights
  • 12.00 Largest U.S. sportsbooks join forces to tackle problem gambling
  • 12.00 Exciting news: 1SPIN4WIN teams up with ATLAS-IAC
Casino

Tilman Fertitta to buy Hard Rock Lake Tahoe, will convert the casino to a Golden Nugget

Monday 27 de March 2023 / 12:00

2 minutos de lectura

(Las Vegas).- The company controlled by Golden Nugget casino owner Tilman Fertitta is acquiring Hard Rock Lake Tahoe from Las Vegas-based Paragon Gaming for an undisclosed price.

Tilman Fertitta to buy Hard Rock Lake Tahoe, will convert the casino to a Golden Nugget

According to a statement released Friday, privately held Fertitta Entertainment, which is based in Houston, will transform the hotel-casino into a Golden Nugget-branded casino. The story was first reported late Friday by the Tahoe Daily Tribune.

Fertitta owns five Golden Nugget casinos in downtown Las Vegas, Laughlin, Louisiana, Mississippi and Atlantic City. Last year, Fertitta Entertainment acquired the Wildwood Casino and Hotel in Cripple Creek, Colorado for $43 million and plans to rename and rebrand the 100-room property as a Golden Nugget.

“We are thrilled to be welcoming the Lake Tahoe property to the Golden Nugget family,” Fertitta said in a statement. “This acquisition represents a significant opportunity for us to expand our footprint into the Northern Nevada marketplace.”

Nevada gaming regulators need to approve the transaction. The company said in a statement it hopes to close on the purchase in the next seven to 12 months.

Hard Rock Lake Tahoe is the first casino visitors see along Highway 50 as they enter Stateline. The 539-room hotel-casino sits on 24 acres adjacent to picturesque Lake Tahoe and across from Bally’s Lake Tahoe. It is one of four hotel-casinos in the South Lake Tahoe market, which saw gaming revenue increase 5.5 percent in 2022 to $263.6 million.

The property also sits across from the long-planned $80 million Tahoe South Events Center. The 132,000-square-foot facility is being constructed at the corner of U.S. Highway 50 and Lake Parkway and will provide a location to host conferences, sports tournaments and concerts with a capacity of up to 6,000 attendees.

Paragon, which has owned the property since 2015, licensed the Hard Rock name from Hard Rock International’s owner, the Seminole Indian Tribe of Florida, and remodeled the hotel and its 25,000-square-foot casino. The property has hundreds of music memorabilia items that will be returned to Hard Rock.

On Saturday, the casino was the site of a shooting that left one person dead and closed Highway 50 in both directions for a short time. As many as 100 officers from eight law enforcement agencies descended upon the scene as the hotel and casino went into a lockdown, a hotel representative said. Two people were arrested Saturday and the resort reopened.

First Northern Nevada casino for Fertitta

Fertitta Entertainment owns the NBA’s Houston Rockets, and the company’s Landry’s hospitality divisions include a restaurant segment with roughly 520 outlets and entertainment attractions.

The company is also planning to build a 2,420-room hotel-casino on 6 acres at Harmon Avenue and the Strip that it acquired last year for $270 million.

However, Fertitta told Trust Securities analyst Barry Jonas and clients of the investment firm that he is not rushing forward with the development.

“No firm start date has been set, and management is willing to wait for clarity on economic conditions,” Jonas wrote in a research note last week.

Fertitta told Jonas’ group that plans for the Strip project are ongoing, with a detailed design and construction schedule, and negotiations are in the works on a guaranteed maximum price contract with a contractor.

Fertitta also owns a 6.1 percent stake in Wynn Resorts and more than 13 million shares in DraftKings.

Tilman Fertitta is a cousin of Red Rock Resorts CEO Frank Fertitta III and Vice Chairman Lorenzo Fertitta and is not involved in the company that controls gaming operator Station Casinos. 

Checkered history

Paragon Gaming is controlled by Diana Bennett. She is the daughter of the late casino industry pioneer William Bennett, who developed the Circus Circus Casino brand. They are the only father-daughter duo who are members of the Gaming Hall of Fame.

In a 2019 interview, Bennett said she felt a personal connection to the property because her father started his gaming career at the casino in the 1960s when it was known as Sahara Tahoe.

The property was originally built and operated by Del E. Webb Corp., which also built The Mint in downtown Las Vegas and owned the Sahara Las Vegas during that era.

Del Webb sold Sahara Tahoe in 1990, which began the property’s checkered history. It was known over the years as Sahara Tahoe, High Sierra Resort and Lake Tahoe Horizon. One of its last owners, Columbia Sussex, ran into financial trouble, and the property fell into disarray.

Bennett and her cousin, the late Scott Menke, who was Paragon’s CEO, brought the location back to life.

New amenities were added, including Guitar Plaza, located at the front entrance along Highway 50 adjacent to the Alpine Union Bar and Restaurant. The space is marked by a giant guitar and offers outdoor seating and dining, as well as live and prerecorded music. The patio is the only outside event space in the South Tahoe corridor.

By Howard Stutz

Categoría:Casino

Tags: casino,

País: United States

Región: North America

Event

SBC SUMMIT RIO 2024

05 de March 2024

Andre Gelfi explains the new regulation in the Brazilian gaming and betting market

(Rio de Janeiro, SoloAzar Exclusive).- The Managing Partner of Betsson group in Brazil, Andre Gelfi, was another key figure present at the inaugural SBC Summit Rio. In this exclusive interview with SoloAzar, he shared insights about the gaming and betting market in Brazil. Gelfi emphasized the hot topic of Brazilian regulations for the iGaming industry. In fact, he expressed his anticipation that the regulation, expected to be approved this year, will create a new landscape in the Brazilian market

Wednesday 27 Mar 2024 / 12:00

Influencers: "Between Effectiveness and Responsibility in the Gaming Industry".

(Rio de Janeiro, SoloAzar Exclusive) - As part of the Conference "Influencers: The Next Frontier of Social Media Marketing", as part of the Conference Agenda held on 6 and 7 March at the SBC Summit Rio 2024, leading industry personalities gathered in a panel to discuss the impact of the power of celebrities and influencers in generating engagement, as well as the proposed law that seeks to restrict their promotion of gambling.

Wednesday 27 Mar 2024 / 12:00

Pay4Fun: “We have ambitious expansion plans in the Brazilian market”

(Rio de Janeiro, SoloAzar Exclusive).- Leonardo Baptista, CEO and co-founder of Pay4Fun, is a key figure in the world of iGaming. His company, Pay4Fun, is a leading Brazilian online payment provider specializing in the iGaming market. During the first edition of the SBC Summit Rio, Baptista spoke exclusively with Soloazar, sharing insights about the new services that Pay4Fun will introduce to the market. He also discussed his vision for the future of iGaming in Brazil and Latin America. Another unmissable note by SoloAzar.

Wednesday 27 Mar 2024 / 12:00

SUSCRIBIRSE

Para suscribirse a nuestro newsletter, complete sus datos

Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.

PODCAST

MÁS CONTENIDO RELACIONADO