Hard Rock International is to take a majority stake in a US$300m project to rebrand Atlantic City’s former Taj Mahal into Hard Rock Hotel & Casino Atlantic City.
Hard Rock and its partners announced what the described as “a definitive agreement” on the sale with the existing owners, a wholly-owned subsidiary of investor Carl Icahn.
Hard Rock International is partnering in the new deal with the Morris and Jingoli families.
The group said it would spend $300m to purchase, substantially renovate and re-open the casino.
“We are excited to be part of this revitalisation of Atlantic City creating thousands of jobs to help local employment,” said Jim Allen, chairman of Hard Rock International. “We are 100% convinced Hard Rock Hotel & Casino Atlantic City will be a success.”
The venue is located on 17-acres of prime Boardwalk real estate, offering guestrooms with views of the city and ocean in a building once named the 8th wonder of the world.
“Both the Morris and Jingoli families are honoured and excited to partner with Hard Rock International (HRI) in the rebuilding of Atlantic City,” said Jack Morris, CEO of Edgewood Properties. “This is a once-in-a-lifetime opportunity to be a part of revitalising one of our nation’s most iconic destinations. Atlantic City has a rich and dynamic history and we are so proud to help recapture that greatness.”
From renovation to completion, it is expected that the new Hard Rock Hotel & Casino will create over 3,000 jobs for Atlantic City.
With venues in 74 countries, including 174 cafes, 24 hotels and 11 casinos, HRI is one of the most globally recognised companies.
