Hard Rock Casino Sold
16, May 2006
Morgans Hotel Group Company has agreed to purchase the Las Vegas location of the Hard Rock Hotel & Casino from the property founder. The 647 room hotel, along with the 30,000-square-foot casino stretches for 41 acres near the Las Vegas Strip and sold with a price tag of $770 million. The founder Peter Morton will net more than $731 million from the deal.
Morton, when asked why he sold the popular Sin City destination, said that it was time to try something new. Morton co-founded the Hard Rock brand in 1971. In 1996 he sold the chain of Hard Rock Cafes to Rank Group PLC, based in London, for $410 million. The Hard Rock Hotel and Casino was opened in Vegas in 1995.
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