Hard Rock and Morgans Hotel
By: CasinoAdvisor.com, Monday May 12th 2008
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The Morgan group announced on June 6th that their venture with the DLJ merchant bank has decided to close funding to the Hard Rock Hotel and Casino expansion. Hard Rock Hotel and Casino is located in Las Vegas. The company needed to update some of their rooms and the casino in an attempt to make it more popular. However, the project that was supposed to cost $760 million in the first loan agreement with a construction loan in that amount of $620 million. At the moment Hard Rock has taken $96 million for their company expansion and will be able to take more as needed, now that the loan process has been closed and it is in final.
There have been some changes to the loan since the project was first proposed. Morgans and DLJ is allowing for a $144 million to be added to the capital that will go to the Hard Rock expansion. DLJ is the owner of the Hard Rock name. There is to be an additional $110 million in order to buy more land. The land they are buying was held for sale to Hard Rock while the loan agreement was being closed. They are adding about 15 acres to the already enormous building.
The construction on the hotel and casino will be performed by MJ Dean Construction. After the project's completion the Hard Rock Hotel and Casino is expected to have another 875 hotel rooms, and about 60,000 feet in convention space. They are also adding an additional 35,000 square feet to the casino floor space. This floor space will add more slot machines and other games for the consumers to enjoy while staying in the new rooms.
The construction on the Hotel and Casino is expected to be completed in 2009, about mid year. With this and other renovations going on in Las Vegas casinos, those who fly to Vegas will be happy and comfortable.
The construction does detract from the hotel business right now for Hard Rock because of the noise, but once it is done clients can expect more of the greatness they are used to. The Hard Rock casino is located on the strip at the end. It is a newer option for Vegas travelers than places like Circus Circus. While the restaurant has been a fixture in Las Vegas for over two decades it wasn't until the 90's that the hotel and casino was added on.
For those who know the Hard Rock name they can expect the rooms and prices to reflect the usual costs. It will be right in line with the mid line casino pricing and therefore affordable to almost any travel in Las Vegas. The fact that it is convenient to the shopping and other hot spots only adds to the appeal of new construction, casino games, and the Hard Rock expectation for clients.
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