Las Vegas' Hard Rock Hotel and Casino Changes Owners
17 May 2006
According to a recent report, one of Las Vegas' most popular resorts, the Hard Rock Hotel and Casino, was officially sold to Morgana Hotel Group Co, a New York-based hotelier, for $770 million in cash. Peter Horton, the owner of the resort, opened the 647-room hotel and 300,000-square ft. casino back in 1995. When asked for the reason behind his decision to sell the property, he answered that he was done with Las Vegas and would not pursue any other Sin City ventures.
The Morgans Hotel Group, an owner and operator of high-profile boutique hotels, runs the Hudson, Morgans and Royalton in New York and the Delano in Miami, among other such properties. Under the deal, the group will get the hotel and casino, most of the music memorabilia, the café, and the Hard Rock brand name for the newly-purchased property.
W. Edward Scheetz, President and CEO of MHG, was quoted as saying, "We are excited about adding the Hard Rock Hotel & Casino to our portfolio. Since Las Vegas is the largest hotel market in the U.S., it is key for our growth strategy. This transaction provides us with an immediate and highly-visible entry into this market. [...] The Hard Rock is already an extraordinary landmark and we are pleased to be able to acquire a property that has so much expansion potential."
Source: Authorized Online Casinos News Staff
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