Hard Rock Hopes to Break Ground on Atlantic City Casino
Hard Rock International, the Gaming and hospitality company, has filed for permission to build a casino resort on the Atlantic City Boardwalk that is valued at more than $500 million. The New Jersey Casino Reinvestment Development Authority has scheduled a public meeting later today, during which the Hard Rock project will feature heavily.
Press of Atlantic City, a local news outlet, has reported that the Florida-based company will request both preliminary and final approval for the site of its planned property. No additional information on the variances sought by Hard Rock are currently available.
The company purchased the former Trump Taj Mahal casino resort from New York hedge fund investor Carl Icahn in spring 2017. The company reported that it would renovate and update the property, spending more than $500 million on upgrades. The property has been closed since October 2016 amid an extended workers’ strike and increasing financial struggles.
The currently-closed resort will reopen as Hard Rock Hotel & Casino Atlantic City and will replace the iconic Trump Taj Mahal minarets and domes with the classic Hard Rock logo and rock ‘n roll theme. The renovated property is planned to reopen to the public this summer.
The day before their planned three-city press conference, Hard Rock will request final site approval from New Jersey gaming authorities. This press conference will also provide the opportunity for the company to share crucial details about the new Atlantic City operation, including its official opening date and the potential entertainment lineup.
The company will livestream its announcement on Wednesday from Hard Rock Cafe Times Square in New York to both the Hard Rock Cafe in Philadelphia and Tanger Outlets The Walk in Atlantic City.
Hard Rock’s new casino resort is not the only one planned to open on Atlantic City’s Boardwalk in 2018. The failed Revel is said to be reopening this summer, although an official date has not yet been announced.
The property originally launched in 2012 and was valued at $2.4-billion. It was closed after just over two years, having failed to turn a profit. The property then changed hands to Florida real estate developer Glenn Straub at the price of $82 million, only a fraction of its original development cost.
Straub planned to provide additional large investments in the property to help make it profitable; however, he failed to achieve several self-imposed reopening deadlines. News emerged late 2017 that the former Revel would be sold to Colorado developer Bruce Deifik for $200 million. The property will reopen under the name Ocean Resort Casino.
The current rapid growth of New Jersey’s Internet gambling market is allowing new casino resorts to open on the Boardwalk. However, the state is awaiting a US Supreme Court decision regarding sports betting that may alter the entire nation’s gambling market, with the potential to develop into a multi-billion industry.