Virgin Group founder and billionaire Richard Branson has announced that he had bought the Hard Rock Hotel & Casino in Las Vegas.
Branson held a pool party news conference on 30 May at the iconic hotel and announced the purchase of the spot.
The property will continue to operate as part of the Hard Rock Brand through the end of 2019 and then it will be rebranded into Virgin Hotels Las Vegas. The venue is expected to undergo “hundreds of millions” worth renovations to give public spaces, guest rooms and restaurant make-over. The renovations will be split in several phases in order for the venue to remain open during that time.
This iconic property located off the LAS Vegas Strip on Paradise Road is expected to have 1,500 chambers, grand chamber suites and penthouse suites. Multiple pools, world-class restaurants, bars and lounges will be spread across five-acre site and the casino will double the current size to 60,000 square feet of gaming space.
Branson purchased the property with a group of partners including Los Angeles based Investment company Junior Capital Partners but the terms of the purchase are kept confidential. The only Virgin Hotel for now is opened in Chicago while others are planned for New York, Dallas and Washington. For Branson this was a logical move because if Virgin America and Virgin Atlantic fly tons of people to Vegas, there should be a place that is very Virgin available to them.
Branson runs an empire of lifestyle and entertainment brands such as Mobile, Airline, Virgin Records and Galactic.
He recently invested in a high-speed transit company in Nevada and a licensed online casino New Jersey. It seems like everything he touches turns to gold and he has some pretty huge plans for the 23-year-old property.
The Culinary Workers Union stated that Virgin Hotels and Brookfield have agreed to a process that management remains neutral as employees choose whether to “to unionize without management interference, harassment, surveillance, bullying, or litigation” so 50,000 casino and hotel workers will have the most positive management cooperation.
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