Morgans Receives Gaming License for Hard Rock Las Vegas
LAS VEGAS, NV, January 28, 2008. Morgans Hotel Group Co. (NASDAQ: MHGC) ("MHG") today announced that the Company has received approval from the Nevada Gaming Commission to operate the casino at the Hard Rock Hotel & Casino in Las Vegas. MHG and its equity partner, DLJ Merchant Banking Partners, expect to begin operating the casino in February 2008.
"We are pleased to receive approval from the Nevada Gaming Commission," said Fred Kleisner, President and Chief Executive Officer of MHG. "By operating the casino ourselves, we can provide a more integrated environment for our hotel and casino guests which we believe will help increase profitability at the casino. The Hard Rock is one of the premier gaming and entertainment resorts in Las Vegas, and with the expansion project currently underway, we expect to transform this iconic property into an even more successful operation in the vibrant Las Vegas market."
Hard Rock is currently undergoing an expansion project, which is expected to add approximately 950 guest rooms, including an all-suite tower with upgraded amenities, approximately 60,000 square feet of meeting and convention space, and approximately 35,000 square feet of casino space. The project is expected to be fully completed by mid-2009.
Hard Rock has paid Golden Gaming approximately $3.3 million over the last twelve months to operate the casino.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
