All deposits already taken for the condos will be returned
(US).- A proposed us$ 1 billion expansion of the Hard Rock Hotel and Casino has been canceled amid rumors that owner Peter Morton is in negotiations to sell the property to an unnamed buyer. The expansion was going to include more than 1,200 condo units, plus additional entertainment, retail and pool/spa space on 24 acres behind the hotel, along Harmon Avenue.
Deposits were already being taken for the condos, and all of that money will be returned to the people who reportedly laid out anywhere from us $40,000 to us$ 250,000 to make a reservation for one of the upscale units that had been planned.
This doesn’t necessarily mean that the condos won’t be built, but that decision will ultimately go to new owner, whoever that may be. The rumored asking price is somewhere in the neighborhood just south of us$ 1 billion, including the land on which the expansion was to be built.
There have been several whispered rumors of who might be the leading contender for the property, with nothing but denials coming from places like Station Casinos, Harrah’s Entertainment and Rolling Stone founder Jann Wenner, who already announced his intention to build a Rolling Stone- themed hotel in the same neighborhood.
Whether the property will keep its Hard Rock branding is another mystery that will depend on who buys it.
