Richard Branson, partners are new owners of Vegas Hard Rock Hotel Casino

Mar 31, 2018 9:12 AM

Billionaire business tycoon Richard Branson and partners are the new owners of The Hard Rock Hotel and Casino in Las Vegas, he announced Friday.

The property with about 1,500 rooms and suites off the Las Vegas Strip will eventually be rebranded as Virgin Hotels Las Vegas but will continue to operate under the Hard Rock banner through the end of 2019, when extensive renovations will be completed.

The 23-year-old property will remain open during renovations, which will take place in multiple phases. Branson, long hopeful of expanding his Virgin brand to Southern Nevada, says the new owners will invest “hundreds of millions of dollars” to transform the property.

The terms of the purchase from Brookfield Asset Management were not revealed and the deal remains subject to the customary regulatory approvals.

Branson, 67, is well known for his daredevil adventures and is the founder of the Virgin Group a worldwide conglomerate that controls hundred of companies. In March 2000 the London native was knighted at Buckingham Palace for "services to entrepreneurship."