Hard Rock International has embarked upon an “exciting chapter” after announcing that the firm has bought back the intellectual property rights to Hard Rock Hotel and Casino Las Vegas.

HRI, owned by the Seminole Tribe of Florida and boasting 262 locations spanning 76 countries, is to now gain the opportunity to enhance its presence in “one of the most iconic entertainment markets in the world”.

The acquisition was made from Houston-based private equity firm Juniper Capital, which purchased the Hard Rock Hotel and Casino Las Vegas in 2018 from Brookfield Asset Management.

The transaction allows HRI exclusive full rights to memorabilia, signage and merchandise, along with intellectual property rights for affiliated restaurant and entertainment trademarks and website domain names. 

Effective immediately, HRI and its affiliates will no longer be restricted from developing, owning, licensing, managing or operating any Hard Rock-branded casino and integrated resort within Clark County, Nevada.

“This agreement marks an exciting chapter for Hard Rock, in Las Vegas and beyond,” noted Jim Allen, chairman of Hard Rock International. “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 former Las Vegas-based Hard Rock property, which had undertaken a number of management changes, was secured by Richard Branson and his Virgin group last year in a dea said to be worth hundred of millions of dollars.

The eight-month renovation was slated to begin in early February 2020 and the re-imagined Las Vegas casino resort is initially pencilled in to open at the end of the year.

Mohegan Gaming and Entertainment, in partnership with JC Hospitality, entered into a multi-year agreement to operate the 60,000-square foot gaming space at the soon to be Virgin Hotels Las Vegas, contingent on the successful completion of construction and pending regulatory approval by the Nevada Gaming Commission.