The Hard Rock Hotel in Vegas is in foreclosure and it's future is laced with uncertainty. HRN Holdings LLC is the lending group who has to decide to acquire the hotel or sell it at auction. The property owes the lenders nearly $1.4 billion, much of which is due to a $750 million expansion completed in 2010. If lenders decide to sell the property, the auction will take place in New York City this week.
Earlier this week the hotel filed a lawsuit regarding the impending foreclosure actions by the lenders, alleging unreasonable timing and other elements in an attempt to block that effort.
The hotel has also been under fire recently for illegal drug and sex activities and has been fined $650K by the Nevada Gaming Control Board. That fine and judgement just received final approval and issuance earlier this past week.
Sometimes what happens in Vegas is lude, crude, and discovered.
Cheers...
Chuck60
I'm on tour right now visiting the luxurious hotels in Cornwall, UK and I'm planning to visit Las Vegas next. I've heard all the good news but I hope they are as good as Cornwall! :)
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