Peter Morton
Age: 50
Net Worth: $525 million
Source of Wealth: Restaurants, hotels, and gaming
Residence: Beverly Hills
Fear and loathing in Las Vegas? Not for Hard Rock Cafe founder Peter Morton, whose foray into Sin City has been the stuff of dreams rather than nightmares.
Morton’s 3-year-old Hard Rock Hotel and Casino on the Strip home to one of rock ‘n’ roll’s finest collections of memorabilia runs at 100 percent capacity, turning away 10,000 reservation requests each month, according to marketing Vice President Jeff Wagner.
Morton is now taking steps to keep those guests from slipping away to the competition. The Hard Rock, built for $150 million, is in the midst of a $100 million expansion intended to transform the property into a major resort destination. Plans call for 350 more rooms, four new restaurants, a pool, spa, ballroom and subterranean nightclub. Completion is scheduled in April 1999.
Last fall, Morton bought out Harveys Casino Resorts’ management contract and its 40 percent stake in the Hard Rock Hotel and Casino for $45 million. Harveys and Morton reportedly disagreed about the expansion.
The Hard Rock’s 1,400-seat concert space, “the Joint,” has helped Vegas shed its image as a haven for cheesy lounge acts by hosting big-name rockers like the Rolling Stones and Sheryl Crow.
Morton is a member of Chicago’s preeminent family of restaurateurs. After graduating from the University of Denver in 1969, he landed in London, where he opened his first Hard Rock Cafe in 1971. Returning to L.A. in 1979, he started Mortons, still a favorite among the Tinseltown elite.
In 1982, Morton opened his first U.S. Hard Rock Cafe. With its formula of diner food and loud, twangy rock ‘n’ roll, the restaurant was wildly successful. By the time Morton sold the chain to the U.K.’s Rank Organisation for $410 million, there were dozens of Hard Rocks worldwide and the concept had spawned myriad imitators. The sale, completed in 1996, allows Morton to focus on his Vegas venture.
While Morton’s campaign contributions have gotten him into trouble with the Federal Elections Commission, he remains committed to environmental causes. An electronic tote board at the Vegas property gives guests a second-by-second count of dwindling rainforests.
