LAS VEGAS— Morgans Hotel Group may not be able to close on its $770 million purchase of the Hard Rock Casino Hotel here, if it fails to expedite the regulatory approval process, according to press reports. New York-based Morgans agreed to acquire the property in May from Hard Rock founder Peter Morton. It is required to obtain the necessary gaming permits within eight weeks, a process that normally takes considerably longer. Should the deal fall through, analysts speculate that the Seminole Tribe of Florida might be a likely substitute. The Seminole Tribe this month agreed to purchase the Hard Rock brand, franchise rights, and other assets from current Hard Rock owner, the Rank Group PLC, for $965 million.
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