Hard Rock to add
$1 billion condo/hotel
The Hard Rock Hotel & Casino in Las Vegas is joining the condominium bandwagon-a trend that has added thousands of new high-end living spaces on or near the Las Vegas Strip.
The property has announced plans to build a $1 billion, 1.5 million square-foot condominium-hotel complex next to the existing Hard Rock. The project would also add restaurants, nightclubs, retail space and a health club and spa.
Gaming experts have said that "niche" properties like the Hard Rock and Palms are poised for growth, and the American Gaming Association called them Las Vegas' next big trend. The resorts appeal to 20- and 30-year-olds-a market segment that other resorts haven't focused as heavily on.
"The $1 billion tower is a clear example of the success of niche operations and the expansion of Las Vegas into this market segment," University of Nevada Las Vegas history department Chairman Hal Rothman told the Las Vegas Review-Journal.
The new development and the existing Hard Rock will collectively cover 41 acres near Harmon Ave. and Paradise Road, including a 24-acre parcel Hard Rock founder Peter Morton just purchased. The condominium project is expected to house 1,500 units in four buildings, with some of the units being used for hotel rooms.