Hard Rock International acquires all rights to Las Vegas Hard Rock Casinos
Florida’s Hard Rock International confirmed on Wednesday that it had acquired all rights to the Hard Rock casinos as well as the brand’s related trademarks in the city of Las Vegas.
Hard Rock Hotel & Casino Las Vegas brand is currently undergoing makeover at a planned expenditure of more than $200 million to become a Virgin-branded property. The entertainment facility is expected to open its gates for guests sometime later this year. Hard Rock International acquired the rights to the Hard Rock Hotels & Casinos from Juniper Capital Partners.
Juniper Capital is a member of a consortium which includes renowned entrepreneur Richard Branson’s Virgin Hotels. Juniper Capital had bought rights to the Hard Rock Hotel & Casino Las Vegas in March 2018 for an unrevealed amount.
The concerned entertainment property, which is in the process of being transitioned to Virgin-branded hotel-casino business, will be Branson’s first foray into land-based gaming. Earlier this month, Branson said that he would sell a chunk of his stake in spaceflight firm Virgin Galactic to raise $500 million to prop up his airline’s finances. However, Percheron Advisory analyst David Hawkins noted that Branson’s habit of funneling profits from his several businesses into new ventures hasn’t left him in a good position to soak up the shock of the crisis.
Commenting on the move, Hawkins said, “He’s made a career for himself as the ultimate disruptor. But now he’s faced with a disruptive world, and, ironically, it’s not working for him right now. He’s again got to get ahead of the curve.”
Now, Hard Rock International owns rights to the Hard Rock brand in more than six dozen nations and more than 250 venues. However, Hard Rock International until now had been prohibited from developing, owning, licensing or operating any casino and integrated resort (IR) of the Hard Rock brand within Clark County, Nevada.
The first café under the Hard Rock brand was founded in London in 1971 by American businessmen Peter Morton and Isaac Tigrett, who later expanded the brand worldwide. When they sold the brand to British casino company Rank Group, Morton retained hotel and casino naming rights west of the Mississippi.
However, Hard Rock International is now looking forward to enhance its presence in Las Vegas, thanks to the newly-signed agreement, which is effective straight away.
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