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Experts foxed by Hard Rock deal
Las Vegas Business Press,
Monday, February 19, 2007 at 10:22:47 PM
Wall Street analysts freely confess they don't understand how all the moving parts of Morgans Hotel Group's acquisition of the Hard Rock Hotel & Casino intermesh. As for Morgans, its joint-venture partner DLJ Merchant Banking Partners (a subsidiary of principal lender Credit Suisse First Boston), and its casino-management company, Golden Gaming ... well, they're not talking.
When the closing of Morgans' purchase of the Hard Rock was formally announced, on Feb. 5, several new aspects of the deal came to light. In particular, the terms under which Golden Gaming will be running the casino are far steeper than originally believed.
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