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Peter Morton, president and founder of Hard Rock Hotels & Casino, today announced plans to build a $1 billion, 1.5 million-square-foot hotel/condominium project on 24 acres adjacent to his Las Vegas Hard Rock Hotel & Casino.

Combined with the current Hard Rock Hotel & Casino, the two properties would total 41 acres. Mr. Morton recently bought the 24-acre estate for $86 million.

"The new project will be like nothing seen in Las Vegas," he said. "The project is being designed by Richard Meyer, a world-famous architect, and Michael Palladino of the Richard Meyer company. The project will have an elegant and unique finish, both inside and outside.

"We designed this project to be mixed-use, master plan development," Mr. Morton continued. "The current plan calls for the composition of four buildings and at least 1,500 hotel condominiums. This will include a unique restaurant and nightclub, a number of global retailers, a state-of-the-art art health club and spa, and a variety of other entertainment facilities."

Mr. Morton said he was meeting restaurant employees and retailers around the world for the project, which will include exciting and innovative features like what made Hard Rock one of Las Vegas' most popular destinations.

"Over the years, customers have approached me and told me how much they love Hard Rock," he said. "What we're doing here is giving people a chance to own a small piece of Hard Rock. Owners of the new hotel/condominium will have full VIP access to all Hard Rock facilities. They will not only have the opportunity to experience Hard Rock, but also own a piece of it.

"When Hard Rock Hotel & Casino opened about nine years ago, I recognized that Las Vegas was a market that people aged 20 and 30 did not yet have access to," said Morton. "By creating the right environment for the market, we were able to attract people of all ages who were looking for the same kind of excitement and experience as well as this important demographic.

"The Hard Rock is already known for its famous restaurants like Nobu and popular performances like The Velvet Revolver, The Rolling Stones, and Nora Jones," he said. "Our new project will allow us to give more to our guests."

According to Mr. Morton, preliminary plans require that the condominium units come in a variety of sizes, from studios to one and two bedrooms and a 6,000-square-foot penthouse. He said bungalows and villas next to the pool are also planned.

"Hard Rock and its visitors and guests are trendsetters in any city," he continued. "It's a very exciting challenge to keep stimulating our audiences and guests, especially in America's fastest growing city, a city that attracts guests from all over the world.