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News Link • Economy - Economics USA

Depression Hits Vegas: Hard Rock Hotel Fights Foreclosure Next Week

The Hard Rock Hotel was built in 1995 and recently completed a $750 million renovation and expansion. The hotel-casino features 1,500 rooms and has approximately 2,800 employees. The Hard Rock also claims that Nevada law requires pre-approval by the Nevada Gaming Commission of any sale of an interest in a property, "which has not been obtained." The Hard Rock Hotel in Las Vegas is majority owned by a subsidiary of Credit Suisse AG, while Morgans Hotel Group in New York has a minority position and manages the property. Morgans Hotel Group is the luxury hotel company founded by Ian Schrager, the co-creator of Studio 54 in New York. The company, which posted a third- quarter loss of $31 million, purchased the property in 2006 for $770 million.

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