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California and the West

Owners Consider Selling Hard Rock Hotel in Vegas

February 23, 2006|From Associated Press

LAS VEGAS — The owners of the Hard Rock Hotel & Casino in Las Vegas are considering selling the property just east of the Strip.

Las Vegas-based Hard Rock Hotel Inc. announced Tuesday that it had received more than one offer to buy the hotel-casino, which caters to a young clientele.

"The company has determined that it will explore a potential sale. There can be no assurances that this process will lead to a transaction," the company said in a statement. Company executives would not comment further.

Hard Rock Hotel Inc. is a privately held company, with $140 million in publicly traded bonds.

In October, Chairman and Chief Executive Peter Morton said the company had secured $1.25 billion in financing to build a condominium complex next to the casino property. Construction was expected to begin in the middle of this year and be completed by 2008.

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