The plans announced by Fertitta will see Hard Rock Lake Tahoe rebranded to a Golden Nugget casino.
The Hard Rock Lake Tahoe casino will be acquired from Paragon Gaming for an undisclosed price by Fertitta.
Fertitta owns a total of five Golden Nugget casinos, with plans to also rebrand a recently acquired casino in Colorado into a Golden Nugget.
The Wildwood Casino and Hotel in Cripple Creek, Colorado, was purchased for $43m in 2022.
Fertitta also owns the Houston Rockets and Chart House dining franchises.
However, the Nevada Gaming Control Board will need to sign off on the transaction before the rebranding can continue.
It is expected that the deal for Hard Rock Lake Tahoe will be closed within a year.
Tilman Fertitta, CEO of Fertitta Entertainment, said: “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.”
The Hard Rock Lake Tahoe name was originally licensed from the Seminole Indian Tribe of Florida by Paragon Gaming.
Hundreds of items will be returned to Hard Rock and will be unaffected by the rebranding.
Diana Bennett, CEO of Paragon Gaming, said: “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.”