Morgans Hotel Group Receives Gaming License for Hard Rock Hotel & Casino in Las Vegas

29.01.2008, Lesen Sie hier den Bericht über «Morgans Hotel Group Receives Gaming License for Hard Rock Hotel & Casino in Las Vegas».

NEW YORK--(BUSINESS WIRE)--Morgans Hotel Group Co. (NASDAQ: MHGC) (“MHG”) today announced that the Company has received approval from the Nevada Gaming Commission to operate the casino at the Hard Rock Hotel & Casino in Las Vegas. MHG and its equity partner, DLJ Merchant Banking Partners, expect to begin operating the casino in February 2008.

“We are pleased to receive approval from the Nevada Gaming Commission,” said Fred Kleisner, President and Chief Executive Officer of MHG. “By operating the casino ourselves, we can provide a more integrated environment for our hotel and casino guests which we believe will help increase profitability at the casino. The Hard Rock is one of the premier gaming and entertainment resorts in Las Vegas, and with the expansion project currently underway, we expect to transform this iconic property into an even more successful operation in the vibrant Las Vegas market.”

Hard Rock is currently undergoing an expansion project, which is expected to add approximately 950 guest rooms, including an all-suite tower with upgraded amenities, approximately 60,000 square feet of meeting and convention space, and approximately 35,000 square feet of casino space. The project is expected to be fully completed by mid- 2009.

Hard Rock has paid Golden Gaming approximately $3.3 million over the last twelve months to operate the casino.

ABOUT MORGANS HOTEL GROUP

Morgans Hotel Group Co. (NASDAQ: MHGC), which is widely credited with establishing and developing the rapidly expanding boutique hotel sector, operates and owns, or has an ownership interest in, Morgans, Royalton and Hudson in New York, Delano and The Shore Club in Miami, Mondrian in Los Angeles and Scottsdale, Clift in San Francisco, and Sanderson and St Martins Lane in London. In February 2007, MHG and an equity partner acquired the Hard Rock Hotel & Casino in Las Vegas and related assets. MHG has other property transactions in various stages of completion including projects in Miami Beach, Florida, Chicago, Illinois, SoHo, New York and Las Vegas, Nevada, and continues to vigorously pursue its strategy of developing unique properties at various price points in international gateway cities and select resort destinations. For more information please visit www.morganshotelgroup.com.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

Statements contained in this press release which are not historical facts are forward- looking statements as the term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "projects," "intends," "believes," "guidance," and similar expressions that do not relate to historical matters. These forward-looking statements are subject to risks and uncertainties which can cause actual results to differ materially from those currently anticipated, due to a number of factors which include, but are not limited to, downturns in economic and market conditions, particularly levels of spending in the business, travel and leisure industries; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; risks related to natural disasters, such as earthquakes and hurricanes; the integration of the Hard Rock Hotel & Casino and other acquired properties with our existing business; the seasonal nature of the hospitality business; changes in the tastes of our customers; increases in real property tax rates; increases in interest rates and operating costs; general volatility of the capital markets and our ability to access the capital markets; and changes in the competitive environment in our industry and the markets where we invest, and other risk factors discussed in MHG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006, and other documents filed by MHG with the Securities and Exchange Commission from time to time. All forward-looking statements in this press release are made as of the date hereof, based upon information known to management as of the date hereof, and MHG assumes no obligations to update or revise any of its forward-looking statements even if experience or future changes show that indicated results or events will not be realized.

Über Hard Rock Hotel and Casino (ab 2020 Virgin Hotels Las Vegas):

The Hard Rock Hotel and Casino Las Vegas was located in Paradise, Nevada, and opened in 1995. It offered 646 hotel rooms and a 2,800 m² casino area. The property was known for its vibrant pool area, exclusive nightclub Vanity, and its appeal to a younger audience. In February 2020, the Hard Rock Hotel closed to undergo renovations and rebranding. The facility was acquired by Virgin Hotels, with plans to reopen in the fall of 2020 as Virgin Hotels Las Vegas.

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