Neavada's Golden Nugget Lake Tahoe hotel casino launches property-wide renovation

The Golden Nugget Lake Tahoe is set to undergo a major redevelopment that will encompass "every square foot of the property," according to officials. The initial phase of the project has started, with one of the resort's two towers taken offline so that improvements can be made. General Manager Jason Sides said he expects the first floor of renovated rooms to be available by October.

Executives for the resort shared their plans with gaming officials during a Gaming Control Board hearing in Carson City this month, noting the redevelopment will entail "a significant capital investment." However, a cost estimate for the project was not provided at the meeting, reports The Nevada Independent.

Rendering for the renovation project

The 539-room hotel and 25,000-square-foot casino was purchased last year by Huston billionaire Tilman Fertitta's privately held Fertitta Entertainment. A Salt Grass Steakhouse — a restaurant brand owned by Fertitta — will open by the fall. High-end brand Mastro's Steak House, also owned by the mogul, will also be added to the property.

Renovations at the resort, which has been known as Hard Rock Lake Tahoe since 2015, are expected to be completed by 2025. The property is one of four Stateline resorts along with Bally’s Lake Tahoe and the Caesars Entertainment-owned Harvey’s and Harrah’s.

The property is now operating under its fifth name since its opening in the 1960s, and while the South Tahoe market is currently far from the gaming revenue it delivered at its peak — it saw its highest gaming revenue total in 2000 when it produced $352.6 million  — officials believe the segment could rebound.

The market is currently below its peak totals by almost 31%, with revenue declining over the last two decades due to the recession and increased competition from Northern California tribal casinos. However, South Lake Tahoe's gaming revenue through May is 5.6% ahead of the first five months of 2023, potentially indicating a rebound is in place.

“We saw this as a great opportunity,” Fertitta told state gaming regulators a year ago, as per the cited source. “We will take this property and totally transform it. And, as we always do, add the Golden Nugget name on it. We always expect it to be one of the top properties in the market.”

Fertitta’s company gained preliminary approval from the control board Wednesday to finance part of last year’s acquisition of the property. Fertitta announced an all-cash bid for the Hard Rock Lake Tahoe in March 2023, buying the operation from Paragon Gaming.