STATELINE, Nev. – The $277 million sale of the Hard Rock Hotel and Casino was approved by the Nevada Gaming Commission on Thursday and is expected to take effect on Friday.

“This is my neighborhood,” Commissioner Brian Krolicki said at the meeting. “this is literally down the street. We are a small community, so a $277 million infusion is a big deal.”

Krolicki called the expenditure a wonderful infusion of capital for Stateline, pointing out that the Tahoe Blue Event Center is right across the highway.

“This is an amazing and welcome addition,” Krolicki said. “It’s a global spot and to have this kind of capital coming is just a testament to the durability and attractiveness of Tahoe as a gaming and hospitality destination.”

The casino will be renamed the Golden Nugget Lake Tahoe Hotel and Casino according to attorney Sonia Vermeys, who appeared before the Commission on Thursday on behalf of Golden Landry’s.

Landry’s Senior Corporate Counsel Sarah Peters said that rebranding will take place over the next 30 days, which means the guitar that’s spent the last eight years will be gone.

This will not have a negative impact on employees, and all team members will be retained.

“If anything we could see an increase in the employee base,” she said. “It’s very important to us that there be stability.”

The casino will undergo an extensive remodeling that will be done in phases so it will remain operational.

Peters said that the new owners haven’t completed a timeline, because that work is in the planning and permitting phase.