Facebook
Fark
Digg
Reddit
Stumble
Tuesday, Feb. 1, 2011 | 12:54 p.m.
Map of Hard Rock Hotel & Casino
Hard Rock Hotel & Casino
4455 Paradise Road, Las Vegas
A group of lenders has filed a notice of foreclosure against the financially struggling Hard Rock Hotel, which would give the lenders the right to take control of the hotel-casino in a public auction scheduled for Feb. 7.
The lending group, NRFC HRH Holdings LLC, controls a piece of the $1.36 billion loan used to acquire, renovate and expand the Hard Rock. A joint venture including Morgans Hotel Group and investment banking firm DLJ Merchant Banking Partners bought the Hard Rock in 2007 with the goal of revamping the property and boosting profit by catering to well-heeled guests.
The Hard Rock completed its $750 million renovation and hotel expansion last year.
Hard Rock Café developer Peter Morton opened the Hard Rock in 1995 and developed a new tourism niche in Las Vegas by catering to younger visitors interested in partying and nightlife. Casinos across Las Vegas have since developed elaborate nightlife venues in direct competition with the Hard Rock, which has fallen on hard times in the downturn.
The notice said prospective buyers have the opportunity to bid at a public auction for the lenders' interest in the property. The auction is scheduled for 1 p.m. Las Vegas time Monday in front of the Supreme Court of the State of New York at 60 Centre Street in Manhattan.
Global Gaming & Hospitality LLC, with offices in Las Vegas and New York, is assisting lenders in the foreclosure proceedings. The company declined to comment on the sale.
It's unclear from the disclosure whether the lender intends to acquire the property and take over management of the Hard Rock or intends to sell its interest to the highest bidder.
A Hard Rock spokeswoman could not be reached for comment.
bummer...
I wonder if this had anything to do with that poor man taking his own life?
Bush blew this country's future on wasteful foreign wars, rather than building up this country.
ladies and gentlemen... mred . YIKES
it's Bush's fault the hard rock went under ????
I cant wait to hear the Optimists in this town,and how they justify this little nugget of info
he he yeah,you know who you are! he he
LLV is fine
"M" is fine
Aria is fine
Harmon is fine
CC is fine
Town Square is fine
PH Towers is fine
Tavolli WILL be fine
Cosmo WILL be fine
Hmmmm I wonder if GVR will be in the news in the near future Hmmm
Atleast with that last storm that came through,the water supply replenished itself about 1/1,000 of an inch
Water will be gone in 7-10 years
Atleast RE should rebound around the time that the water supply has dried up
There has to be some Nomads in Cali looking for some housing dont you think
Las Vegas will ReInvent,It Always Does
Sarcastically,I just love that statement!
peace out
" DLJ Merchant Banking Partners bought the Hard Rock in 2007 with the goal of revamping the property and boosting profit by catering to well-heeled guests"
Yeah Right!
The Hard Rock is nothing but an Indoor Skateboard Park with 80% of the occupants that frequent there
Hell Even the pink taco has loosened its stringent hiring policies
I swear to god there was a lady working the tables that weighed at least 110 pds, if not 115
Hello my name is C**** H***,and i ride,and i play in a band,and i sponsor bobber rides on thursdays
woo hoo!
Sorry,went off on a tangent,but the circle bar is not what it used to be,nor is the present entertainment,and there are alot of trust fund OC,ers that wear hurley and vans all day wake up,hit the pool,nap,shower,dinner,get blasted...repeat blackjack tables are quite slow most times,and they dont even have as many as some similar footprint sized properties
by the way,yes i am jealous hehehe
OH GOD MRED...give it a rest...how can this be blamed on Bush or even Obama? GGEEZZ...go get another topic to write about..
Perhaps this is just a ploy to get out of paying their fine to the Gaming Commission. New owners will clim that the previous owners (now bankrupt) are the responsible party.
There is one thing that can save them. If they can cultivate the image that you can "win" at their casinos. Forget the party image, the slutty cabanas or the 90lb servers. Get the reputation that people can have fun winning!
mred is correct! The Bush Depression is still unwinding. W and his gang of face-shooters screwed this country up for a long time to come. Oh, yeah, bigtime.
Something I have seen at Strip properties and I know it goes on at the Hard Rock also. I have two nephews and a niece that come to Vegas at least once a month to go "clubbing". They and their friends put as many in a room as they can. They eat as cheaply as they can, the only gambling they do is to wander into the casino drop a quarter into a slot and wait for the waitress to bring them a drink generally for a couple of them sitting there. All of their money is to be spent in the Clubs. They hang-out at the pool as much as possible, weather permitting. My point is they are only focused on the Clubs and spend little or no money anywhere else. Las Vegas cannot survive on this business model. The Hard Rock sits down there on Harmon by itself. Few people are wandering in to gamble as up on the strip. I hope what I'm trying to say makes some sense. I know I'm not an expert and this is only my observation over the past few years.
They should have just left it as originally built. It made money, which is the point. These knucklehead go and borrow 750 mil, "revamp and build" and now can't pay the debt.
Once again the key is making money after the debts are paid. It used to do that. Peter Morton had the vision back then. The people running it now are clueless
TheOldJudge,people can gamble in any number of places,now. LV and AC no longer hold the monopolies,and people are tired of the tight slots and overpriced everything. There are 3 Indian Casinos where I live and they're always busy.
Now,I have been going to clubs for almost 17 years,and I don't get the LV club scene,I don't even like paying a cover let alone $15 drinks . Maybe i was spoiled by knowing the club owners and bartenders,here . I hate being treated like a nobody and overpaying.
@The Old Judge
Casinos got rich off real estate. What I mean by that is that 4 years ago people thought nothing of leveraging their home equity into cash by means of credit lines, refi's, 2nd and 3rd mortgages. A big pile of that money was spent in the casino. How else do you explain housekeepers, day laborers, minimal income types sitting at the $25 blackjack table or sitting at a $5 slot machine? It was done with unrealized cash. The young people today you might be mentioning don't have the money because they didn't get the opportunity to drain their homes thru borrowing. They don't own homes. I never understand the disconnect. Guys showing up in their work clothes from construction gambling huge dollars. Hard Rock Casino loved that. It's all gone now.
This property is failing, yet Majestic wants to hustle the taxpayers into building more hotels just across Harmon, as part of its public land and tax grab on the campus of UNLV.
Why, oh why, are we still letting real estate pimps destroy our Valley's economy and future with their schemes?
yeah mred and Obama is really doing a bang up job completing what Bush didn't. Obama has been in office now 2 years and nothing I see he has ended the war as he said he would and we are now of Gitmo aren't we?
RIGHT ON BLDBLU!!!!
I get so sick and tired of the "locals" {those who have lived here since the dawn of time}in Las Vegas telling us if we don't like, we can leave, Las Vegas is just fine, we are doing fine, blah blah blah.
I'd say they are delusional because they have lived here too long, and have begun to believe the fantasy world they live in.
Time to move ole timers! Your delusional...the fall has only just begun.
Las Vegas has seen tough and slow times before. This boom had been going for twenty years or so, but the 70's seemed like tough times in Glitter Gulch and many other places. Things got overbuilt and financed and the $ got short. But people live and work and some move on, and hopefully things improve.
hey, everyone...
mred is the reason you have to laugh at liberals. he is almost ALWAYS the first person to comment on a story, so he obviously does not work and does not have a life.
It's a shame that 1 of 18 comments on this story are from "trusted commenters" and even that one doesn't use a real name.
There's way too much competition for the Hard Rock to thrive, especially now with the Cosmo in the mix.
A friend and I walked by the Hard Rock Cafe in San Diego recently, and even though I realize they are different entities, my friend said how are the cafes still in business, when the food is so-so at best?
It seems like the brand is tired and we have seen the memorabilia, so why see it again and again?
Time for a revamp, but to what?
Yes, a shame, and when the former hotel President committed suicide, perhaps he could see the writing on the wall. It's hard for a property to thrive off of the strip, and with the Rehab tv show cancelled, they just ran out of options. I feel very badly for all of the resorts employee's as I'm sure they're wondering what's next and if they'll be employed next week!?
So long, it's been good to know you
So long, it's been good to know you
So long, it's been good to know you
There's a mighty big war that's got to be won
And we'll get back together again
http://www.lyricsfreak.com/w/woody+guthr...
I wonder where all of these retired communists from California and local government jobs will go once Vegas becomes a dust bowl? California's down, Nevada's down, think they'll go to Utah?
I think Las Vegas will survive no matter what..Remember what P.T.Barnum said years ago "There's a Sucker Born Every Minute"..The only problem,is 1 a minute enough these days? We shall see..
We visited on our last trip and found the place very uneventful. With it not being on the strip I really can't see what would draw people to the place. I also agree with Tom in that there is very little fake money around these days and a very limited supply of the real stuff.
Student housing for UNLV.
Yes, shut this place for GOOD. The Gaming Board should have done this long time ago. This is nothing but a sancturary for drugs and misbehaving adults. This should be turned into a Rehab facility.
Clubbing for 17 yrs - starting at age 21 (ya right) puts you at around 38 yrs.old - isn't it time to grow up?