The Nevada Gaming Control Board and Gaming Commission have scheduled special meetings for Tuesday in Carson City to deal with the fate of the Hard Rock Hotel in Las Vegas should the property be foreclosed.
The agenda includes applications from proposed casino operators Navegante Gaming LLC and from the hotel’s lender, NorthStar Realty Finance Corp.
If approved, the application would give NorthStar a temporary waiver from licensing due to its “enforcement of a security interest” in the Hard Rock.
Based in Las Vegas, Navegante was founded by former MGM Grand Casino CEO and President Larry Woolf. The company is already licensed to manage other Nevada properties, including the Sahara and Grand Sierra Resort in Reno.
Las Vegas gaming attorney Jeff Silver, of the firm Gordon Silver, said NorthStar decided to seek “to obtain the approval of Navegante as the gaming operator of the Hard Rock, in order to protect its rights as the second mezzanine lender.”
In his court filing Thursday, Silver wrote that Jacqueline Holloway, director for the Clark County License Department, assured him if the commission approved the application, “the license department would immediately grant a temporary approval of Navegante’s application as both gaming and liquor operator.”
On Wednesday, $1.25 million in debt will mature. The Hard Rock has not disclosed whether it plans to restructure or extend the debt.
NorthStar claimed that the owners of the Hard Rock, including Credit Suisse AG and Morgans Hotel Group, missed a monthly interest payment of $460,00 that was due on Tuesday.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893.