by Michael J. Shapiro | March 02, 2011

The Nevada Gaming Commission approved a transfer of ownership on Thursday for the Hard Rock Hotel & Casino Las Vegas, according to the Wall Street Journal. Control of the troubled property, currently $1.25 billion in debt, will be shifted from Credit Suisse and Morgans Hotel Group to a fund controlled by Brookfield Asset Management, one of the property's lenders. Warner Gaming, which is owned by former Station Casino executive William Warner, is likely to assume management of the Hard Rock. The commission gave the parties until March 10 to close the deal, according to the newspaper.