Billionaire – RICHARD BRANSON
To “BUY” the Hard Rock Casino – Las Vegas
Insiders are now confirming the Hard Rock casino in Las Vegas has been purchased by billionaire Richard Branson and Virgin Hotels.
We first wrote about Hard Rock changing hands back in March 2017.
The first obvious sign a sale was in the works was a picket by Teamsters Union Local 986 meant to encourage the retention of their
workforce if the sale moved forward.
Apparently, it has.
Details of the sale haven’t yet been made public, but a well-placed source confirms staffers at the resort have been informed of deal.
The Hard Rock is currently owned by Brookfield Asset Management. The resort is operated by Brookfield and Warner Gaming.
Word is the off-Strip casino hasn’t been doing gangbuster business in recent months, so Sir Richard Branson probably got a great deal on the place.
Venues like MB Steak have been struggling mightily.
Virgin Hotels got its start in 2010 and is based in Miami.
At one time, the stated business plan of Virgin Hotels was to “Acquire distressed properties in North America cheaply,”
and that’s the scenario which has unfolded at Hard Rock Hotel & Casino in Las Vegas.
There’s more to come, and we trust an official announcement will be made shortly.