The Las Vegas Hilton Hotel and Casino has officially ended its eight-year relationship with Hilton Worldwide, a leading global hospitality company, after a licensing agreement between the two parties expired at the start of 2012.
This means the hotel will no longer use the Hilton tag in its name. The property's new name has yet to be revealed. However, the hotel marquee was changed on Tuesday.
The property now formerly known as the Las Vegas Hilton hotel and Casino was sold for $365 million, to Edward P. Roski Jr., a Los Angeles-based land developer, in July 2000. He purchased the land from Park Place Entertainment, the now defunct company Caesars Entertainment, Inc. that was a part of the Hilton Hotels chain.
The Las Vegas Hilton, built by Kirk Kerkorian in 1969, served as the main Las Vegas venue for Elvis Presley. Kerkorian sold it to the Hilton in 1971.
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Los Angeles billionaire Thomas Barrack's Colony Capital LLC, which currently owns the hotel, lost the Hilton franchise on Dec. 31.