Richard Branson arrived in Las Vegas on the first Virgin Atlantic nonstop flight from London in 2000 dressed as Elvis Presley. In 2007, he rappelled off the tower of the Palms to promote Virgin America. His appearance in 2010 was splashier still, as he rode (and toppled) a jet ski with a flight attendant riding shotgun across Bellagio’s lake to a podium, where he proceeded to “conduct” the orchestrated fountains. (He made it to the podium and good-naturedly performed, soaking wet. The flight attendant was somewhat less amused.) There have been two burning questions among Las Vegans lately: 1) Is Virgin Hotels really buying the Hard Rock Hotel, and 2) What will Branson do this time? The answer to the first question is, officially, yes—as of this morning (they'll operate it as the Hard Rock for this year then begin major renovations in 2019, during which time the hotel will stay open). And to the latter, as Branson told us earlier in the week, he’s still looking for ideas. Here, our conversation with Branson and Virgin Hotels CEO Raul Leal.

The interview has been edited for length.

What appealed to you about this Hard Rock property? Did you like that it’s not on the Strip, or that it’s already a gathering place?

Raul Leal: Yes to the above. We’ve looked at a variety of locations around Las Vegas over the last six or seven years since we launched Virgin Hotels as a brand, and we always wanted to make sure that we had a destination location, and someplace that we could really carve out and make special the Virgin way. And we’ve always really loved that building—it’s got an amazing layout and Hard Rock is an iconic brand. We love that it’s off the Strip because we believe that we’ll still also cater to the people who go to the Strip but also cater to locals, which is a big part of our strategy.

You personally have quite a colorful history in Las Vegas, so was this a natural next acquisition?

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Richard Branson: Look, I’ve wanted to do a hotel in Vegas for many, many, years and we’ve had many different designs for hotels, from scratch right through to having a giant Virgin “V” at the beginning of the Strip, with the hotel actually inside the V so people could think, “This is Vegas or Virgin,” as they arrived in Vegas. My favorite hotel for many years has been the Hard Rock. It’s been allowed to get a bit tired over the years, but it’s got fantastic staff and that’s the absolute key. It needs a lot of money spent on it, and we’ve been experimenting on people in Chicago, and we’re about to experiment on people in San Francisco, and we have lovely boutique places around the world—so we think we’re ready now to put some magic back into this property.

Will there be some tie-up between Virgin Atlantic and the hotel? Special transportation or a greeting area?

RB: I think we’re going to extend the runway to the front of the hotel, and drop people off straight into the hotel [Laughs]. Or have a tunnel right underneath so that a 747 can drop them off.

Courtesy Virgin Hotels

Hard Rock is known for its casino. Will Virgin still operate a gaming hotel?

RL: It will absolutely be a gaming hotel, and we’ll have a gaming partner that we’ll announce later.

Does the departure from Las Vegas of big personalities like Steve Wynn affect the way you think of your opportunity here?

RB: Hopefully it will help and not hinder to have someone like myself be the ultimate owner of it. And I think Las Vegas is all about personality. I know what Raul has done elsewhere, and Chicago was named best hotel in America by Condé Nast Traveler readers—and there are lots of lovely touches that we’re going to bring here. You’re not going to walk into slot machines the moment you walk into a Virgin Hotel like you do the Hard Rock, but we’ll be tasteful, fun, and we’ll get the right balance there. I come from the rock ‘n’ roll business, and the memorabilia is something that fortunately comes with the hotel. So it’s incredible for me to suddenly have this collection of wonderful rock ‘n’ roll memorabilia. We’ve even seen some old Virgin signs there, so I suspect they’ll stay somehow.

Speaking of memorabilia, Elton John’s sequined Dodgers uniform from his 1976 concert at Dodgers Stadium is a favorite piece there. Are there pieces you’re most excited about?

RL: I was actually going to wear the Elton John costume myself, because that’s my favorite. We’ll be fighting over that one.

RB: We’re excited! We’re going to have to find a way to make a splash when we finally put the Virgin brand on, and maybe try to kill me again. So if you have any ideas...