CASINO

Rock bottom for Hard Rock

TAGs: casino foreclosure, Hard Rock Hotel

hard rockPerhaps it was a omen when the Hard Rock casino in Catoosa had their roof cave in under the weight of heavy snow. Luckily, no one was injured during the incident, but it appears Hard Rock casinos have fallen on hard times all over the map. Pun intended.

It’s been hard knocks and rock bottom for the financially strapped Hard Rock Hotel/Casino in Las Vegas. Lenders have now filed a notice of foreclosure against the Hard Rock Hotel which will enable lenders the right to gain control of struggling hotel/casino in an upcoming auction to take place on February 7.

The lending group, NRFC HRH Holdings LLC, controls a piece of the $1.36 billion loan used to acquire, renovate and expand the Hard Rock. After completing its $750 million renovation and expansion just last year, the Hard Rock has fallen on hard times during the economic downturn.

Details are yet to be released on whether the lending group intends to acquire the property and take over management of the Hard Rock or if they simply intend to sell their interest to the highest bidder.

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