Hard Rock International inks Las Vegas intellectual property rights deal

American casino operator Hard Rock International has announced the signing of a deal that has seen it acquire the complete intellectual property rights for the former Hard Rock Hotel and Casino Las Vegas.

The firm used an official Wednesday press release to detail that the arrangement was inked with Houston-headquartered private equity specialist Juniper Capital Partners, which purchased the 1,506-room venue from Brookfield Asset Management Incorporated in 2018, to give it the immediate rights over the closed property’s associated signage, merchandise and memorabilia.

Future foundations:

Hard Rock International, which is owned by the federally-recognized Seminole Tribe of Florida, explained that the agreement also covers the rights for all affiliated entertainment and restaurant trademarks as well as related website domain names and leaves it free to develop, own and run a Hard Rock-branded casino or resort in Clark County, Nevada.

Progress possibility:

Jim Allen, Chairman for Hard Rock International, used the press release to declare that his firm is already responsible for over 260 locations around the world and ‘will now be able to own and manage the ultimate guest experience in Las Vegas.’

Read a statement from Allen…

“This agreement marks an exciting chapter for Hard Rock International in Las Vegas and beyond. We look forward to the opportunity of enhancing our presence in Las Vegas, which will always be one of the most iconic entertainment markets in the world.”

Development decision:

According to a Wednesday report from southern Nevada television broadcaster KSNV, Allen used an October interview with the Bloomberg news service to reveal that his firm was mulling over whether to purchase a property on the Las Vegas Strip. Opened in 1990, the Hard Rock Hotel and Casino Las Vegas was purportedly shuttered some four months later to undergo a $200 million renovation and is now set to be re-opened sometime early next year as the re-branded Virgin Hotels Las Vegas.