Hard Rock Hotel Las Vegas purchaser Morgans Hotel Group names Golden Gaming to manage the Hard Rock Casino Las Vegas.
Golden Gaming, operator of the PT’s taverns and restaurants in Las Vegas, will operate the Hard Rock Hotel Las Vegas 30,000-square-foot casino once Morgans’ $770 million purchase of the rock ‘n’ roll themed casino closes.
Golden Gaming will have the opportunity to make an equity investment of up to $100 million in the Hard Rock Casino Las Vegas. A letter of understanding between Morgans and Golden Gaming said the casino operator would provide general management services for the gaming side of the Hard Rock Hotel Las Vegas for up to two years.
The general management agreement might be structured so that Golden Gaming pays Morgans a flat fee to operate the Hard Rock Casino, the hotel company would not have to be licensed.
As long as (Morgans) doesn’t share in the gaming revenues, the company does not have to submit for licensing.
It’s expected that Morgans will operate the hotel portion of the Hard Rock Hotel and Casino Las Vegas, along with the casino’s food and beverage operations. The Hard Rock is also known for its collection of rock ‘n’ roll memorabilia and the property’s The Joint concert venue, that has hosted such acts as the Rolling Stones, Tom Petty, David Bowie, Bob Dylan and Neil Young.
In a statement, Morgans President Edward Scheetz said bringing a casino management company on board will help speed along closing the Hard Rock Hotel Las Vegas transaction by early 2007.
The move is Golden Gaming’s first venture with a full-fledged hotel-casino. Golden Gaming, which was formed in 2001, has three different operations.
Golden Gaming owns three casinos in Black Hawk, Colo., near Denver, with a combined 1,200 slot machines, and a Nevada tavern operation with 38 locations under seven different names, the most recognizable being the PT’s bars and restaurants in Las Vegas. Golden Gaming also has a statewide slot machine route operation on which it manages more than 2,500 machines in convenience stores, bars, restaurants and taverns.
Source: LV Review Journal
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Hard Rock Hotel Las Vegas names Golden Gaming management company for the casino.