Peter Morton to Develop $1 Billion Hotel

Peter Morton, chairman and founder of
the Hard Rock Hotel & Casino, today announced plans to build a $1 billion,
1.5 million square-foot hotel/condominium project on the 24 acres adjacent
to his Las Vegas Hard Rock Hotel & Casino. When combined with the current Hard Rock Hotel & Casino, the two
properties will cover a total of 41 acres. Mr. Morton recently acquired
the 24-acre parcel for $86 million.

“This new project will be unlike anything ever seen in Las Vegas,” he
said. “It is being designed by world-renowned architects Richard Meier and
Michael Palladino of the Richard Meier firm. It will have elegant, unique
finishes both inside and out.

“We have designed this project to be a mixed-use, master-planned
development,” Mr. Morton continued. “Current plans call for it to be
comprised of four buildings and at least 1,500 hotel condominium units. It
will include a collection of unique restaurants and nightclubs, a number
of world-class retailers, a state of the art health club and spa and a
variety of other recreational facilities.”

Mr. Morton said that he is meeting with restaurateurs and retailers from
around the world for this project, which would incorporate the same
excitement and innovative features that have made the Hard Rock one of Las
Vegas’ most popular destinations.

“Over the years, patrons have come up to me and told me how much they
enjoy the Hard Rock experience,” he said. “What we are doing here is
giving people a chance to own a little piece of the Hard Rock. Owners of
the new hotel/condominiums will have complete VIP access to all Hard Rock
facilities. They will have a chance to not only live the Hard Rock
experience, but to own a piece of it, as well.

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“When the Hard Rock Hotel & Casino opened some nine years ago, I
recognized that twenty and thirty-year olds were an untapped market in Las
Vegas,” Mr. Morton said. “By creating an environment that was geared to
that market, we have not only been able to attract this important
demographic, but, people from all age groups who were looking for the same
kind of excitement and experience.

“The Hard Rock is already known for such renown restaurants as Nobu and
such sought-after acts as Velvet Revolver, the Rolling Stones and Norah
Jones,” he said. “Our new project will allow us to give our patrons even
more.”

Mr. Morton said that preliminary plans call for condominium units to range
in size from studio apartments, to one and two bedroom units to 6,000
square foot penthouses. He said that poolside Bungalows and Villas are
being planned, as well.

“The Hard Rock and the audience and guests it attracts are the
trendsetters in any city,” he continued. “Keeping our audience and guests
stimulated, particularly in what has become America’s fastest growing city
—a city that attracts guests from all over the world—is a very
exciting challenge. I’ve always loved that part of what I do.”

Construction is expected to begin on the Hard Rock’s hotel/condominium
project next year. The first phase of the development is expected to be
completed approximately one year from the start of construction.
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