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Hard Rock Obtains Loan for Residence Development

LAS VEGAS – (PRESS RELEASE) -- Peter Morton, Chairman/Owner of the Hard Rock Hotel & Casino announced today the signing of the commitment for a loan facility in the amount of $1,250,000,000 for the Bungalows Flats Residences at the Hard Rock Hotel & Casino in Las Vegas. The facility will be used in connection with the construction of residential and resort condominiums. Construction is expected to commence in the middle of 2006 and be completed in 2008.

The project will triple the size of the resort, adding more than 1,350 condominiums, a new Joint live performance venue, new restaurants including Mr. Chow, meeting and ballroom facilities, as well as new resort pools, spas and related amenities. The CSFB commitment represents the largest residential condominium financing in North America.

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