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Forward-Looking and Cautionary Statements Statements contained in this press release, which are not historical facts, are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of Log In Sign Up.{/INSERTKEYS}{/PARAGRAPH} The transaction is subject to applicable regulatory approvals and other conditions, and is expected to close no later than the first quarter of Morgans Hotel Group announced that the Company will host a conference call on May 12, at P. It will be broadcast live over the Internet at www. All forward-looking statements in this press release are made as of today, based upon information known to management as of the date hereof, and the Company assumes no obligations to update or revise any of its forward-looking statements even if experience or future changes show that indicated results or events will not be realized. This transaction provides us with an immediate and highly-visible entry into this market. {PARAGRAPH}{INSERTKEYS}It was built in and expanded in The property offers an energetic entertainment and gaming experience with the services and amenities associated with a boutique luxury resort hotel. We also believe that the Hard Rock will complement our existing collection of brands, which have a distinctive nature, eminent design, dynamic and exciting atmosphere, celebrity guests and high-profile events, by targeting a younger demographic that still seeks a unique experience. The adjacent acre land parcel, including a unit apartment complex currently situated on the parcel will be held for further development. Participants should follow the instructions provided on the website for the download and installation of audio applications necessary to join the web cast. No assurances can be given that the transactions described in this press release will be completed. This transaction represents the third planned offering in the Las Vegas market by Morgans Hotel Group. He continued, "The Hard Rock is already an extraordinary landmark and we are pleased to be able to acquire a property that has so much expansion potential. This hotel, along with our established and renowned Delano and Mondrian brands, will allow us to dominate the Las Vegas market at multiple price points by offering the style, innovation, and service with which our brands are synonymous. Eastern to discuss the acquisition. MHG may bring in one or more joint venture partners to share in the investment in the existing assets. Although the Company may use some of the excess land for expansion, it is also considering selling or establishing a joint venture partnership to develop a significant portion of it. The Company has already announced a joint-venture partnership with Boyd Gaming for their development project, Echelon Place, that will be anchored by two prominent MHG brands, Delano and Mondrian, which are expected to add a total of 1, rooms to the market in Since Las Vegas is the largest hotel market in the U. A replay of the call will be available one hour after the call and can be accessed by dialing or for international callers; the password is The replay will be available from May 12, through May 19, Morgans Hotel Group Co. Features of the property include an story Hard Rock Hotel tower with guest rooms; a 30, square foot casino; a beach club with a swimming pool that was selected by the Travel Channel as one of "The Top 10 Pools" in the world; the Body English nightclub; "The Joint" concert hall; five restaurants, including the world famous Nobu; three cocktail lounges; several retail stores; and an 8, square foot spa, salon and fitness center. Statements contained in this press release, which are not historical facts, are forward-looking statements as the term is defined in the Private Securities Litigation Reform Act of These forward-looking statements can be identified by the use of words such as "expects," "plans," "estimates," "projects," "intends," "believes," "guidance," and similar expressions that do not relate to historical matters. It is anticipated that the casino will be leased to a third-party licensed operator. We believe we can further enhance it by applying MHG's management infrastructure, marketing approach and reservations system. MHG has other property transactions in various stages of completion, including projects in Miami Beach, Florida, and Las Vegas, Nevada, and continues to vigorously pursue its strategy of developing unique properties at various price points in international gateway cities in the United States, Europe, South America, Asia and around the world. The call can also be accessed live over the phone by dialing or for international callers. For more information, please visit www.