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Billionaire Entrepreneur Richard Branson Buys Las Vegas Casino

Terms Of The Acquisition Were Not Disclosed

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Billionaire businessman Richard Branson (with a group of partners) has bought the Hard Rock Hotel and Casino and will remodel the facility by 2020, according to a report from the Associated Press.

Branson will eventually call the casino Virgin Hotels Las Vegas. He’s acquiring the casino from Brookfield Asset Management for an undisclosed price. The property was most recently sold before the 2008 financial crisis for more than $700 million.

“Virgin is all about fun, entertainment, not taking ourselves too seriously,” Branson said. “Virgin Atlantic has had a lot of fun flying tons of people to Las Vegas from Britain for many years. Virgin America has done the same, and we wouldn’t have just come to Las Vegas unless we could’ve found the property that was very Virgin, and I think that’s what we’ve achieved.”

“The guitar may not survive,” added Branson, who has a net worth of $5 billion.

The renovations will cost “hundreds of millions of dollars,” the report said.

The casino, which opened in 1995, has 30,000 square feet of gaming floor space.