DLJ Management and Morgans Hotel Group have transferred their ownership of the Hard Rock Hotel Las Vegas to one of the property's lenders, Brookfield Asset Management.

Warner Gaming, a company founded by former Station Casinos executive William Warner that obtains public and private financing for the acquisition or development of casinos, has assumed control of casino operations at the resort.

Brookfield is understood to be setting aside $30m to reposition the property, which has struggled to make its mark in recent years.

"The Las Vegas market has faced significant headwinds since 2008 and as a result we consistently reduced our equity interest in the Hard Rock joint venture following our initial investment," said Red Kleisner, CEO of Morgans. "This settlement agreement is the final step for Morgans to completely exit the Hard Rock investment."

With the finalisation of its operational control, Warner Gaming officially began its stewardship of the Hard Rock property, Las Vegas on March 2.

"Hard Rock is an iconic property in Las Vegas," said William Warner. "We are poised to elevate the Hard Rock guest experience and will continue to cater to our core demographic that have been such loyal customers.

"Our goals are to preserve and enhance the value of the Hard Rock brand and to ensure the hotel and casino ranks among the top destinations for visitors to the city."