Regulators urge steps needed to complete Hard Rock Hotel restructuring
The state Gaming Control Board on Wednesday unanimously recommended additional steps needed to complete the restructuring of the Hard Rock Hotel in Las Vegas, including the licensing of Warner Gaming LLC as the property's manager.
Michael Alonso, an attorney with Jones Vargas in Reno, who represents the Hard Rock, told the three-member board that the hearing was about "moving forward with restructuring" of the hotel-casino.
In February, state gaming regulators approved Warner Gaming's takeover of Hard Rock's gaming license and casino operations from Morgan Hotel Group Co.
The board Wednesday also approved a division of Brookfield Asset Management as the holding company of the casino.
Andrea Sue Balkan, a member of BREF HR Management LLC, said that since the holding company took over in February, the property's debt has been reduced from $1.3 billion to $892 million.
Balkan said most of the $8.2 million in outstanding bills has been paid and the company had $27 million in reserves for operations and improvements.
The Nevada Gaming Commission will consider the board's decision Dec. 22.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893.
