STATELINE, Nev. — Hard Rock Hotel & Casino Lake Tahoe may soon have new ownership.

Fertitta Entertainment, LLC, who owns five Golden Nugget Hotel and Casinos from Nevada to Atlantic City, the Houston Rockets and Chart House dining franchise, announced Friday the company has signed a purchase agreement to acquire the Hard Rock in Stateline, including land and business situated on 24 acres from Paragon Gaming for an undisclosed price. 

The announcement said the transaction is expected to close within the next seven to 12 months, subject to regulatory approvals and other customary closing conditions. 

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Shortly after the close of the transaction, Fertitta will transform the Hard Rock into a Golden Nugget with a remodeling of the property planned.

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

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“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,” said Diana Bennett, CEO of Paragon Gaming. 

Credit Suisse served as the exclusive financial advisor for Hard Rock.