EO

When did the idea for Hard Rock Cafe become real for you?

PM

It became real in the most ordinary, unromantic way. But the groundwork was already there. My family had been in the restaurant business for as long as I can remember. My grandfather owned and operated restaurants in Chicago, and my father founded the Morton’s Steakhouse chain, so I grew up inside that world. Every summer I worked in restaurants—on the floor, in the kitchen, in different parts of the operation—learning how it actually functioned, not just what it looked like from the outside. I understood the rhythm of service, the pressure of a busy night, the way food, people, money, and timing intersect. I always knew I didn’t want to inherit something. I wanted to build my own version of it. Competition felt healthy to me. When I arrived in London, I eventually saw a market vacuum: there was no American food yet—no McDonald’s, no Burger King, etc.

EO

Can you set the scene for me?

PM

I was in London, sitting at dinner, and I was actually on my way back to the United States to start a job. I had already lined it up. I’d gone away to the University of Denver when I was eighteen, graduated in June, and told the company that hired me I would start in September because I wanted to travel first—Europe, the Middle East, see a little bit of the world before I settled into something. So I’m in London, in that in-between space, not yet committed to a career, and I’m having dinner with a friend. I find myself saying, almost jokingly, “I’d love a hamburger and a milkshake and some French fries.” I don’t eat red meat anymore, but back then I was the consummate consumer of that kind of food. And then it hit me: none of that existed there. There was no McDonald’s, no Burger King, no Wendy’s, no Sonic. There was no American food as an American would understand it.

The more I sat with that, the more I realized I wasn’t just hungry. I was looking at a market vacuum in real time. I realized the absence was an opportunity. So I had this very practical fork in the road. I could go home, pack my bags, move to New York City, and start working for a conglomerate. Or I could stay put and try something that felt, at least to me, obvious. I had worked in the business during summers in high school and college, and I thought, why am I going to go work for someone else when I’m sitting here staring at a gap I know how to fill?

EO

What gave you the confidence to take that risk?

PM

I wouldn’t call it confidence in the way people usually mean it. It wasn’t motivational. It was practical.

EO

How did you actually get the first version of it off the ground?

PM

The beginning is never as clean as people imagine. We got our initial funding through family connections, and that support mattered in helping us get off the ground. Doors open in different ways when someone older, someone established, makes an introduction for you. One of the most interesting figures early on was Jimmy Goldsmith, an Anglo-French businessman. He had a bank in Vaduz, in Liechtenstein, and that bank loaned us $150,000 to open the first Hard Rock Cafe. Isaac and I each put in $5,000 of our own money. That was it. But even with that, we overspent. We spent too much on construction. We were trying to make something that felt right, that had a certain atmosphere, a certain physical presence, and that costs money. And very quickly, we were out of it. That is the unglamorous part of entrepreneurship: cash flow. I called my father and asked for help to get us through that initial period. That was not a philosophical moment. That was survival.

What really stabilized things was bringing in a large Swiss hotel and restaurant company called Mövenpick. They bought half of the business. That gave us the capital we needed to keep going. But we negotiated a clause in the deal: if we hit certain sales numbers, we could buy that stock back. The assumption on their side was that there was no chance two young guys were going to hit those numbers. But we did. And we bought the stock back. That moment—proving to a much larger, much more established company that we could outperform their expectations—was one of the first times I felt the business had real momentum.

EO

How did the partnership take shape in those early years?

PM

We balanced each other. I brought certain strengths to the table, and Isaac brought certain strengths to the table. This was a real partnership. A lot of the early stability came from that tension between momentum and caution, between wanting to build and wanting to make sure the foundation could actually hold what we were putting on top of it.

EO

When you were building it in London, what were you trying to make, culturally?

PM

We were not sitting around saying, “Let’s create a global cultural brand.” That language did not exist for us. What we were trying to make was a place that felt like a slice of America, but not a caricature of it—something emblematic through food, through music, through the room itself, through how the staff interacted with people. It was our version of America, translated into a London context. And London, at that moment, was the epicenter of the world in terms of fashion, music, and lifestyle. It was an incredible place to be building anything. Isaac was from Jackson, Tennessee. I was from Los Angeles. The English had a real fascination with American accents. We spoke slowly. They liked the whole thing. There was a kind of receptiveness to two young Americans trying to do something different. A lot of people came to London and wanted to see what this Hard Rock thing was about. Everyone who passed through—musicians, business people, artists, curious tourists—they all wanted to see it for themselves. And that gave the place a kind of gravitational pull. It was not just a restaurant. It became a stop on people’s mental map of the city.

EO

When you saw places like Mr. Chow in London, did that shape how you thought about where you were positioning yourself?

PM

There were other places that had already made their mark by the time we arrived. Mr. Chow had been in London for some years, and it drew a very particular mix of people from the art and cultural scene. That was not what we were trying to make. With the Hard Rock, we wanted something that felt emblematic of America more broadly—through the food, the music, even the way the room was designed. It was not about being exclusive. It was about being recognizable.

EO

How did you know it was actually working?

PM

It became obvious very quickly. Six weeks after we opened, there was a line to get in. This is pre-Internet, pre-social media, pre-anything like that. The word literally traveled by mouth. People had an experience and told other people, and those people came. It felt like hitting oil. We had gone into it thinking, very modestly, that if we could each make a hundred thousand dollars a year, that would be amazing, and suddenly the scale of what was happening was far beyond that. What was exciting was not just the money. It was the act of building something and watching it take on a life of its own. I’ve said before that we looked at the Hard Rock as our psychiatrist’s couch. We were 23 years old when we opened it. We were growing up in public. We were learning how to become productive, responsible adults at the same time as we were learning how to run a business. Decisions were often made at the spur of the moment, based on instinct and necessity. And somehow, enough of those decisions were good ones that the thing kept moving forward. London at that moment was the epicenter of music in the world, and what was happening unfolded night by night, fast and intensely. It wasn’t something people observed from a distance—it was something they experienced in real time.

EO

Did you feel guided by what was “cool” around you at the time?

PM

Not really. People assume that because there were scenes happening—nightlife, fashion, art, music—that those things must have been driving what we did. But our focus was very narrow. We were committed to making the Hard Rock Cafe successful—culturally, financially, aesthetically, operationally. That was the lens. Other things were happening around us, but they were not steering the ship. That said, because the restaurant became a kind of hub, those worlds passed through it. I remember Ian Schrager and Steve Rubell coming in when they were in London. Everyone wanted to see what this place was. And that particular day, the Eagles were there—this would have been 1973 or 1974. They were not the Eagles as people think of them now. They were just musicians from Texas who happened to be in London. But those kinds of moments accumulated, and they gave the place a certain cultural weight.

EO

When did you start thinking about taking it beyond London?

PM

We never had a specific master plan. What happened was simpler. We would open a place, see how people responded, and then someone would say, “You should do this in our city.” We would go, feel the energy, walk the neighborhood, and decide whether it felt right. I am not a numbers person. I am terrible at math. But I understood people, promotion, and how an experience moves through a crowd. That is what guided us. One of the moments that made the scale of it real for me came when the Super Bowl was played at Hard Rock Stadium in Miami Gardens, Florida, on February 2, 2020—nearly eighty thousand people in the stands, and millions more watching on television, with the Hard Rock logo visible throughout the broadcast. On this coming Monday, January 20, 2026, the national college football championship will be played there as well. Soon there will be an even larger Hard Rock Hotel & Casino in Las Vegas, scheduled to open in 2027.

EO

What did it cost you personally to carry something at that scale?

PM

It cost time, mostly—time with people I cared about. When something is growing that fast, it takes up a lot of mental space. You’re always thinking about the next decision, the next problem, the next opportunity.

EO

You’ve talked about honesty as being a core principle in your business. Why?

PM

Because when you’re dealing with scale—money, partners, real estate, risk—things get exposed very quickly. You find out who people really are. I like doing business with people who are honest. Intelligence and drive matter, but if the foundation isn’t solid, you’re building on sand. And at a certain point, the numbers get big enough that the consequences of dishonesty get very real.

EO

There are moments where the restaurant becomes a platform for things beyond business. What stands out?

PM

One that stays with me is a charity we did at the Hard Rock Cafe in London for a cause called Shelter. An English model, Penelope Tree, helped us put it together. She said she thought she could get Paul McCartney to play, and he did. At that time, getting near Paul McCartney was almost unimaginable. That kind of night did not happen because we planned a cultural strategy. It happened because the Hard Rock had become a place where people gathered, where things could happen organically.

EO

How did art enter your life in a serious way?

PM

Through Armand Hammer. My partner’s father was doing business with him. He owned Occidental Petroleum—Oxy—and his two great passions were oil and art, hence the Hammer Museum in Los Angeles, which carries his name and houses the collection he built over a lifetime. We were lucky enough to have lunch with Armand Hammer and his wife, Frances, at the Hard Rock in London, very early on, and he said, “If you guys ever make any money, you should go out and start buying art.” At the time, we were still trying to keep the lights on, but the idea stayed with me. It reframed success as something that could be translated into a longer arc—into collecting, preserving, and building a relationship with culture that would last beyond a single business cycle.

EO

And film came later?

PM

Film came through friendship. My best friend in London was Matthew Vaughn, a producer-director. He was making his first movie, Lock, Stock and Two Smoking Barrels. I invested in it. It cost, I think, six or seven hundred thousand dollars, and it ended up doing forty or fifty million worldwide. After that, I kept investing in his films, and—touch wood—we made money on all of them.

EO

You’ve described your career as four businesses. Can you map that out?

PM

I sold food in restaurants. I sold hotel rooms in Las Vegas. I sold adrenaline in Las Vegas. And now I want to create a new situation.

EO

What’s pulling at you right now?

PM

Curiosity, more than anything. I’m interested in spaces and ideas that don’t fit neatly into a category yet—things that sit between culture, hospitality, and gathering. I’m less motivated by scale for its own sake and more by whether something feels alive when people step into it. If it does, I’m willing to spend time with it and see where it goes.

EO

Why call the casino business “adrenaline”?

PM

Because that’s the product. Gambling is adrenaline. You’re selling a feeling. I wasn’t thrilled, morally, with taking people’s money through a form of addiction, but that was the reality of the business. I did it for as long as I enjoyed it, and then I reached a point where I wanted to move on.

EO

What drew you to Las Vegas in the first place?

PM

It was a fantastic market—wide open, tourists by the millions, disposable income. I felt the Hard Rock Cafe would work there, and that a Hard Rock Hotel Casino could be even bigger. And in Las Vegas, there are very practical rules: you need at least 300 rooms to obtain a casino license. So my decision was simple—build 300 rooms. That was the requirement to get the license. We moved forward on that basis, and then soon doubled the size of the hotel to 660 rooms.

EO

What did you love about running a hotel?

PM

Making people feel comfortable away from home. That’s the core of hospitality. It’s atmosphere, rhythm, service, detail. And if you do it well, you can make money at the same time.

EO

What made the Hard Rock in Vegas feel different from everything else there?

PM

Everything—the talent, the vibe, the staff, the decor, the energy. We had the Rolling Stones, Oasis, Tears for Fears, Coldplay, Tom Petty, The Eagles, and Al Green. The place was fun. It was the antithesis of what Vegas had known up until then. It wasn’t about formality. It was about experience.

EO

How would you describe the Las Vegas you encountered?

PM

A boom town—people going there to spend money, to gamble, to see shows, to have an experience.

EO

Why did you decide to leave that world?

PM

It was time. I had done it for a long time. You reach a point where you’ve gotten what you need from something, and you want a different rhythm, a different set of problems.

EO

When you look back now, what do you think you were really building?

PM

We weren’t chasing titles or anything like that. When we used the Beatles’ graphic designer to create the Hard Rock Cafe logo, and maybe we dreamed we were building a brand—and it just happened that way.

EO

What do you consider your greatest accomplishment?

PM

My children.

EO

And if someone asks you for the “secret” to what you’ve done?

PM

There is no secret. There’s honesty. There’s hard work. There’s motivation and creativity. There’s paying attention to the moment you’re in. Just if you want it, you can get it. You’ll figure out if you wanna have the most successful online magazine. You’ll figure it out. You’ll figure out what you have to do to attract that large audience. Over time, that accumulation of effort starts to look like luck from the outside. From the inside, it just feels like a long series of choices you’re responsible for.