Anniversary of Hard Rock sale

I normally don't read press releases on financial reports. But one of the great mysteries of the Hard Rock has been what are the new owner, Morgans Hotel Group, is going to do with it. So far the answer seems to be, not much. That isn't their answer though. That is mine. Today marks the one year anniversary of the day the purchase of the off-Strip landmark was announced by old owner Peter Morton. And, so stumbling through this corporate press release from Morgans Hotel Group earlier this week I came across this bit of barely coherent bureaucratic chest-thumping about the casino here in Vegas that caught my eye:

"As we have said many times, we are thrilled to be operating in Las Vegas, the ultimate entertainment destination. In the first two months of operation, the Hard Rock has already contributed approximately $3.3 million in EBITDA, including $1.3 million in management fees, to our results. We are also moving rapidly forward with the announced expansion and renovation project at the Hard Rock. Recent trends at Hard Rock have been very encouraging.”

I am confused by this. The first part I just don't understand. But the last sentences sure get my attention. Last time I was at the Hard Rock I saw no changes and nothing encouraging.  There was zero major  or minor construction. It was mostly the same staff (not that there was anything wrong with the people working at Hard Rock). In fact, in the year since the sale was announced the concert bookings at Hard Rock have been mostly inferior with each passing month. This is especially so now that the Palms (with the Hard Rock's old booker) has opened the Pearl. Also, University Theater and the new Canyon Club (not to mention the always wonderful House of Blues) pick up a lot more of the competitive shows for up-and-comers.

So, here is my question: what are the things, "rapidly moving forward" to which this press release refers? Do I have the wrong definition of "rapid"? The transaction closed only earlier this year, true, but it has now been a full year to plan for this ownership. And, after a year, The Hard Rock looks just like a slowed-down version of how Peter Morton left the place. The feeling of the place is of a resort grinding its wheels and not a sensation of moving forward. Even Hard Rock media darling Jeff Beacher (while staying in the headlines) hasn't had a single show for his Madhouse with the new owner. Anyone able to explain what I am missing?

I e-mailed a Hard Rock publicist to ask for a list containing all of the "rapidly forward... renovation" currently taking place and have not gotten a list back. I was offered this general observation: "Rapidly moving may include the design and permitting and signing of partners and who knows. It doesn't necessarily mean construction." I am still focused more on the use of the words "expansion" and "renovation" with "rapid" and "forward". Not to nitpick, but this does seem to imply current construction. So, I also called the room reservations number today to see if any construction noise from work being done at the Hard Rock would interfere with a stay there next week? I was assured that only a very few rooms were being renovated now, and I would hear no construction.

On this date last year Morgans Hotel Group agreed to pay a reported $770 million for the Hard Rock at the very top of the Las Vegas real estate boom.