By purchasing the IP rights, HRI will be able to develop, manage or license any Hard Rock-branded casino and IR in Clark County, Nevada.
Yesterday, May 13, Hard Rock International announced the purchase of all IP rights to the Hard Rock brand and trademarks of the company in Las Vegas. HRI bought the IP rights from private company Juniper Capital.
Back in 2018, the Hard Rock Hotel & Casino in Vegas was bought by Juniper Capital from Brookfield Asset Management. Under the recent purchase, HRI effectively receives full rights to: “memorabilia, signage and merchandise, along with intellectual property rights for affiliated restaurant and entertainment trademarks and website domain names.” With immediate effect, HRI is allowed to develop, manage, operate or license any of the Hard Rock-branded IR and casino within Clark County in Nevada.
Hard Rock International Chairman, Jim Allen commented on the subject:
This agreement marks an exciting chapter for Hard Rock, in Las Vegas and beyond.” He continued by saying: “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.“
The Hard Rock former property in Las Vegas is on its way to becoming a Virgin Hotel. Back in 2018, billionaire Richard Branson purchased the property with the intent of transforming it. Although plans for the transformation were set for 2019, it started this February.
The plan is for the property to be transformed into a Virgin Hotel and Casino Las Vegas. The property is to include some 1,500 hotel rooms and a brand new 60,000 sq ft casino featuring table games, slots and more. Furthermore, the transformation plan aims to create a 130,000 sq ft meeting and events area, additional pool areas as well as foods and drinks spaces. According to the plan, Mohegan Gaming and Entertainment will be responsible for managing the casino.
Started as Hard Rock Cafe in London back in 1971, currently Hard Rock International operates in 76 countries around the globe. There are 262 venues among which Hotels, Cafes, Rock Shops, Casinos. HRI is one of the most recognizable companies in the world and undoubtedly a top entertainer.
Although it started with a single guitar sold, one previously owned by Eric Clapton, by now the company owns more than 83,000 pieces of music memorabilia, which are on display at the venues around the world. Hard Rock International continues to grow to this day and the recent purchase of IP rights will inevitably increase the company’s assets in Las Vegas.
