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Las Vegas Hard Rock Hotel and Casino Sold

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The Hard Rock Hotel-Casino has been sold to the luxury hotel operator Morgans Hotel Group for $770 million in cash (the Hard Rock cost $80 million to build in 1994 and $100 million to expand in 1999). Morgans, which owns boutique hotels throughout the U.S. and in Britain, is buying the casino, the 647-room hotel, all the rock 'n' roll memorabilia, plus 24 vacant adjacent acres, which were to have been developed as a condo project. Morgans has announced that it will lease the casino to an established operator and raise room rates, from the average $169 per night to something closer to the $230-per-night Strip rate.

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