Hard Rock International has embarked on a “exciting chapter” since revealing that Hard Rock Hotel and Casino Las Vegas intellectual property rights have been bought back from the company.
HRI, owned by the Florida Seminole Tribe and with 262 locations in 76 nations, is now to obtain the ability to expand its presence in “one of the world’s most iconic entertainment markets.”
The acquisition was made by Juniper Capital, a Houston-based private equity firm which purchased Brookfield Asset Management’s Hard Rock Hotel and Casino Las Vegas in 2018.
The transaction allows HRI exclusive full memorabilia, signage and merchandise rights, as well as intellectual property rights for affiliated restaurant and entertainment trademarks and domain names of websites.
HRI and its affiliates will no longer be excluded from the immediate growth, ownership, licencing, management or operation of any Hard Rock-branded casino and integrated resort within Clark County, Nevada.
Jim Allen, chairman of Hard Rock International noted: “This agreement marks an exciting chapter for Hard Rock, in Las Vegas and beyond.
“We look forward to the opportunity of enhancing our presence in Las Vegas, which will always be one of the most iconic entertainment markets in the world.”
Richard Branson and his Virgin group acquired the former Las Vegas-based Hard Rock land, which had undergone a number of changes in management, in a dea said worth hundreds of millions of dollars last year.
The eight-month renovation was scheduled to start in early February 2020 and at the end of the year, the re-imagined Las Vegas casino resort is initially pencilled in to open.
In collaboration with JC Hospitality, Mohegan Gaming and Entertainment entered into a multi-year agreement to run the 60,000-square foot gaming space at the soon to be Virgin Hotels Las Vegas, based on the successful completion of the development and pending regulatory approval by the Nevada Gaming Commission.