Vegas Hard Rock plans

From the Las Vegas Review-Journal (1/10)

Hard Rock Hotel owners go forward
Partners win board's recommendation

By ARNOLD M. KNIGHTLY
REVIEW-JOURNAL

"The owners of the Hard Rock Hotel seem poised to start collecting revenues from the largest cash flow amenity on the property: the casino.

The state Gaming Control Board on Wednesday recommended giving joint partners DLJ Merchant Banking Partners and New York-based hotel operator Morgans Hotel Group a nonrestricted gaming license to operate the 30,000-square-foot casino.

If the license application is approved by the state Gaming Commission at its Jan. 24 hearing, the owners will be able to profit from the property's gaming revenue a year after taking over ownership of the niche property." ...

"Morgans and DLJ bought the property for $770 million and are investing an additional $750 million in an expansion that will double the size of the property while adding 950 more rooms.

The casino has been leased and operated by locally based Golden Gaming since founder Peter Morton sold the property in February." ...

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