Morgans Hotel Group Buys Hard Rock Casino
As reported by the Seattle Post-Intelligencer: ". Morgans Hotel Group Co. has agreed to buy the Hard Rock Hotel & Casino in Las Vegas for $770 million in cash from the property's founder and chairman .". The sale of the 647-room hotel and 30,000 square-foot casino on 41 acres near the Las Vegas Strip will net Peter Morton more than $731 million, he said in a statement.". Morton co-founded the Hard Rock brand in 1971 .The Morgans Hotel Group . runs the Hudson, Morgans and Royalton in New York and the Delano in Miami .
". Morgans shares fell 7 cents to close at $17.95 Thursday on the Nasdaq Stock Market before the sale announcement.