Joseph A. Magliarditi Named Executive Vice President, Gaming of Morgans Hotel Group and President and Chief Executive Officer of Hard Rock Hotel & Casino Las Vegas
NEW YORK, May 25 /PRNewswire-FirstCall/ -- Morgans Hotel Group Co. (Nasdaq: MHGC) ("MHG") today announced the appointment of accomplished senior gaming executive Joseph A. Magliarditi as Executive Vice President, Gaming of MHG and President and Chief Executive Officer of the Hard Rock Hotel & Casino in Las Vegas. Mr. Magliarditi brings over 16 years of hotel and gaming experience to MHG, serving most recently as the Executive Vice President and Chief Operating Officer for The M Resort LLC ("M Resort") and Marnell Sher Gaming, LLC ("Marnell Sher Gaming").
"I'm very pleased to welcome Joe to the Hard Rock team," said Fred Kleisner, Chief Executive Officer of MHG. "With his extensive gaming experience and his active commitment to the Las Vegas tourism industry, Joe will be a strong and valuable addition to the leadership of Morgans Hotel Group."
"I am excited to join the Morgans Hotel Group and Hard Rock teams," said Mr. Magliarditi. "Morgans Hotel Group and Hard Rock are two great brands, and I am looking forward to this new opportunity."
Before joining M Resort and Marnell Sher Gaming, Mr. Magliarditi was the Executive Vice President, Chief Operating Officer and a board member of TRIRIGA INC., an enterprise software company, where he was responsible for developing the long and short-term strategic and financial objectives for the company, as well as managing all aspects of the day-to-day operations. Prior to TRIRIGA INC., Mr. Magliarditi was Vice President of Operations of Harrah's Entertainment, Inc. and Rio All-Suite Hotel & Casino. Mr. Magliarditi earned his Bachelor of Arts in Economics and Marketing at Niagara University and his MBA at Hofstra University, and he successfully completed advanced study programs at Harvard Business School, Cornell University, School of Hotel Administration and the University of California Los Angeles, Anderson School of Management.
About Morgans Hotel Group
Morgans Hotel Group Co. (Nasdaq: MHGC) is widely credited as the creator of the first "boutique" hotel and is a continuing leader of the hotel industry's boutique sector. Morgans Hotel Group operates and owns, or has an ownership interest in, Morgans, Royalton and Hudson in New York, Delano and Shore Club in South Beach, Mondrian in Los Angeles and South Beach, Clift in San Francisco, Ames in Boston, and Sanderson and St Martins Lane in London. Morgans Hotel Group and an equity partner also own the Hard Rock Hotel & Casino in Las Vegas and related assets. Morgans Hotel Group also manages hotels in Isla Verde, Puerto Rico and Playa del Carmen, Mexico. Morgans Hotel Group has other property transactions in various stages of completion, including projects in SoHo, New York and Palm Springs, California. For more information please visit www.morganshotelgroup.com.
Forward-Looking and Cautionary Statements
This press release may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relate to, among other things, the operating performance of our investments and financing needs. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "may," "expect," "anticipate," "estimate" "believe," "project," or other similar words or expressions. These forward-looking statements reflect our current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ materially from those expressed in any forward-looking statement. Important risks and factors that could cause our actual results to differ materially from those expressed in any forward-looking statements include, but are not limited to economic, business, competitive market and regulatory conditions such as: a sustained downturn in economic and market conditions, particularly levels of spending in the business, travel and leisure industries; continued tightness in the global credit markets; general volatility of the capital markets and our ability to access the capital markets; our ability to refinance our current outstanding debt and to repay outstanding debt as such debt matures; our ability to protect the value of our name, image and brands and our intellectual property; risks related to natural disasters, such as earthquakes and hurricanes; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; and other risk factors discussed in MHG's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, and other documents filed by MHG with the Securities and Exchange Commission from time to time. All forward-looking statements in this press release are made as of the date hereof, based upon information known to management as of the date hereof, and MHG assumes no obligations to update or revise any of its forward-looking statements even if experience or future changes show that indicated results or events will not be realized.
SOURCE Morgans Hotel Group Co.
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