On Wednesday, Hard Rock International declared that it has purchased the complete intellectual property (IP) rights to Hard Rock Hotel & Casino in Las Vegas from Juniper Capital.
Interesting to note, until recently, the company owning the Hard Rock brand had no affiliation with the Hard Rock Hotel & Casino in Las Vegas, and the same was true in reverse.
The transaction grants Hard Rock International exclusive rights to memorabilia, signage, and merchandise. It also includes intellectual property rights for associated restaurant and entertainment trademarks, as well as website domain names.
This implies that Hard Rock International and its associated companies will now have unrestricted rights to develop, own, license, manage, or operate any Hard Rock-branded casino and integrated resort in Clark County, Nevada.
“Hard Rock International’s Chairman, Jim Allen, expressed enthusiasm about the agreement, stating it opens an exciting chapter for Hard Rock in Las Vegas and beyond. He highlighted the company’s anticipation to increase their presence in Las Vegas, which he considers one of the world’s most iconic entertainment markets,” Allen stated.
Hard Rock Casinos
The Hard Rock Hotel & Casino in Las Vegas, which shut down earlier this year, is currently undergoing renovations. The property, situated just east of the Vegas Strip, is set to reopen as Virgin Hotels Las Vegas later in the year. Despite the coronavirus pandemic sweeping the nation, the renovation works have not been halted given that construction is deemed an essential business. Consequently, the opening of Virgin Hotels Las Vegas remains on track to take place post the Election Day.
This agreement will enable Hard Rock International to establish its inaugural casino in Las Vegas. Hard Rock casinos are located throughout the US and Canada, in places such as Lake Tahoe, Atlantic City, and Vancouver. Hard Rock Seminole runs several casinos in Florida, including a Hollywood, Florida property featuring a hotel tower in the shape of a guitar.
Hard Rock Returning To Las Vegas
After years of speculation that Hard Rock International was interested in purchasing a Las Vegas casino, an announcement has been made. Vital Vegas had suggested in 2018 that the Cosmopolitan might be a potential acquisition for Hard Rock International. The casino operators could potentially afford the expected high asking price of $4 billion. Blackstone, however, could possibly reduce the sales price. Business in Las Vegas could experience a slowdown for some time as tourists appear hesitant to travel amidst the ongoing spread of coronavirus in the country.
Eldorado Resorts, which is presently merging with Caesars Entertainment, could potentially establish a new Hard Rock Hotel & Casino in Las Vegas, right across the street. The merged entity will bear the name Caesars and will be managed by Eldorado.
Eldorado Resorts’ CEO, Tom Reeg, has stated that the new company intends to sell at least one Vegas Strip property following the completion of the deal. Planet Hollywood is rumored to be among the potential divestments. Interestingly, the artist Pitbull, featured in the video above, holds residency at Planet Hollywood.
This announcement might indicate the earlier than expected appearance of a new Hard Rock Hotel & Casino on the Vegas Strip.
