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Hard Rock Casino in Vegas Sold

Morgans Hotel Group Paid $770 million Cash

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Peter Morton, chairman and founder of the Hard Rock Hotel & Casino, <!--StartFragment -->announced on May 11 the sale of the Las Vegas property to Morgans Hotel Group for $770 million.

The sale includes the 647-room hotel and 30,000-square-foot casino situated on 17 acres at Paradise Road and Harmon Avenue, an adjacent 24 acres, and related intellectual property. In all, the property totals 41 acres. Morton will receive more than 95 percent of the net proceeds from the sale.

Morgans Hotel Group owns five and manages another four luxury boutique hotels in New York, Los Angeles, Miami, San Francisco, and London. Hotel brands include Mondrian, Hudson, and Royalton, while Asia de Cuba and Skybar are restaurant and bar brands.

The Hard Rock Hotel & Casino was built in 1995 and doubled in size in 1999. In addition to the hotel and casino, the property features a beach club with a swimming pool that was selected by the Travel Channel as one of the top 10 pools in the world, the Body English nightclub, "The Joint" concert hall, five restaurants, and an 8,000-square-foot spa and fitness center.

Morton cofounded the Hard Rock brand in 1971 and in 1996 sold his chain of Hard Rock Cafes to the Rank Group for $410 million. He opened the Hard Rock Hotel & Casino in Las Vegas in 1995.

Leeds Equity Partners is acting as financial advisor to Peter Morton and the Hard Rock Hotel and Casino. Skadden, Arps, Slate, Meagher & Flom LLP is legal counsel.