Hard Rock International announced on Wednesday that it has acquired the full intellectual property (IP) rights to Hard Rock Hotel & Casino in Las Vegas from Juniper Capital.
Here’s a fun fact: until now the company that owns the Hard Rock brand had nothing to do with the Hard Rock Hotel & Casino in Las Vegas and vice versa.
The transaction allows Hard Rock International the exclusive rights to memorabilia, signage, and merchandise, along with intellectual property rights for affiliated restaurant and entertainment trademarks and website domain names.
What this means is that Hard Rock International and its affiliated companies will no longer be restricted from developing, owning, licensing, managing, or operating any Hard Rock-branded casino and integrated resort within Clark County, Nevada.
“This agreement marks an exciting chapter for Hard Rock, in Las Vegas and beyond,” said Jim Allen, Chairman, Hard Rock International. “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.”
Hard Rock Casinos
The Hard Rock Hotel & Casino in Las Vegas closed earlier this year. The property located just east of the Vegas Strip is being renovated and will reopen as Virgin Hotels Las Vegas later this year. The spread of coronavirus across the country hasn’t stopped the renovation of the property. Since construction is an essential business, the renovations are continuing and Virgin Hotels Las Vegas is still on pace to open after Election Day.
This deal will allow Hard Rock International to open its first casino in Las Vegas. There are Hard Rock casinos all across the US and Canada including Lake Tahoe, Atlantic City, and Vancouver. Hard Rock Seminole operates multiple casinos in Florida – including this property in Hollywood, Florida with the guitar-shaped hotel tower.
Hard Rock Returning To Las Vegas
This announcement comes after years of rumors that Hard Rock International has been looking to acquire a Las Vegas casino. In 2018, Vital Vegas reported a rumor that Hard Rock International might purchase the Cosmopolitan. This is one of the casino operators that are large enough to afford what should be a steep $4 billion asking price. Blackstone could lower the sales price. Business in Las Vegas might be slow for a while. Tourists don’t seem to be in a rush to fly anywhere while coronavirus is still spreading across the country.
Another location for a new Hard Rock Hotel & Casino in Las Vegas could be right across the street. Eldorado Resorts is currently in the process of merging with Caesars Entertainment. The new combined company will be operated by Eldorado while being named Caesars.
Tom Reeg, Eldorado Resorts’ CEO says the new company will sell at least one Vegas Strip property after the deal is done. Planet Hollywood has been one of the casinos on the rumored list of possible divestments. Coincidentally, Pitbull (the artist in the video above) has a residency at Planet Hollywood.
This announcement could be a precursor to seeing a new Hard Rock Hotel & Casino on the Vegas Strip sooner than later.