Tuesday, May 19, 2020 / by Ken Couture
Hard Rock International has bought back the intellectual property rights for a hotel and casino in Las Vegas, the company announced Wednesday.
The acquisition will give Hard Rock "the opportunity of enhancing our presence in Las Vegas, which will always be one of the most iconic entertainment markets in the world," Chairman Jim Allen said in a press release.
The deal is with equity firm Juniper Capital, which purchased the Hard Rock Hotel and Casino in 2018 from Brookfield Asset Management.
According to a press release, Hard Rock International is buying the full rights to memorabilia, signage and merchandise, along with the intellectual property rights for restaurants and entertainment.
The company says it is now free to develop, own and operate a Hard Rock-branded casino or resort in Clark County.
Hard Rock International, which is owned by the Seminole Tribe of Florida, already manages 262 locations around the world, including multiple casino-hotels in the U.S.
Allen told Bloomberg Radio back in October the company was considering buying a property on the Las Vegas Strip.
The former Hard Rock Hotel at Paradise and Harmon closed its doors in February to undergo several months of renovations. The property is expected to re-open later this year with the Virgin Hotels branding.
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