Virgin Group founder Richard Branson has bought the Hard Rock Hotel and Casino in Las Vegas on Friday.
The property includes 1,500 rooms and suites off the Las Vegas Strip, and it would eventually become Virgin Hotels Las Vegas. It will continue operating under the Hard Rock brand through the end of 2019.
"Virgin is all about having fun, living our lives to the fullest and not taking ourselves too seriously ," Branson said.
"Virgin Atlantic has had lots of fun flying hundreds of people to Las Vegas from Britain over many years. Virgin America has also done the same," he added.
He also asserted, "Virgin wouldn't have come to Las Vegas unless we could've found a property that that satiated our needs, and I think we have achieved that."
The 23-year old properly will remain open during the renovations as it will take place in multiple phases. The company has said that they are ready to invest 'hundreds of millions of dollars' for transforming the property , but it still remains to become clear whether the hotel-casino will keep its current entertainment venues which also includes a day club.
The casino floor of the property would be retained and it would be managed by a partner. However, some of the large rock memorabilia owned by Hard Rock casino-hotel would go to storage.
Referring to a massive guitar outside the hotel, Branson said that the Guitar may not survive, but they plan to replace it with a giant 'v', which is sort of similar to the shape of guitar.
Virgin Hotels has purchased the property in association with group of partners which also includes Los Angeles-based investment firm Juniper Capital Partners.
Richard Branson runs a number of businesses under the umbrella of the Virgin brand, including records, airlines, wireless carrier and a commercial space venture.