News for the Hospitality Executive
Proposed Legislation May Allow Casinos to Build with Fewer
than 500 Hotel Rooms
in Atlantic City; Hard Rock Would Want to be the First to Build a
New Boutique Hotel Casino in Atlantic City
ORLANDO, Fla., March 23, 2010 - With legislation introduced in New Jersey yesterday to encourage new development in Atlantic City, Hard Rock International today announced a strategic alliance with Och-Ziff Real Estate to explore developing a Hard Rock Hotel and Casino in Atlantic City. The proposed legislation would for the first time allow developers to build new casinos in Atlantic City with fewer than 500 hotel rooms, significantly reducing construction costs and thereby recognizing both the importance of new development to the market and the current difficulty of procuring debt financing for new casino projects.
"We are intrigued by the newly-proposed legislation, which makes entering the marketplace more manageable, and we are encouraged by Senator Whelan's efforts to spur new development in Atlantic City," said Jim Allen, chairman Hard Rock International. "Despite current headwinds, Atlantic City remains the country's second-largest gaming market and would be an exciting location for a Hard Rock Hotel and Casino."
The project would be located on a beachfront parcel at the intersection of Albany Avenue and the Boardwalk. Its first phase would feature an ultramodern gaming floor, luxury hotel, world-class dining and entertainment venues, and a beachfront pool and Rock Spa™. Preliminary estimates of the cost of the project's first phase are in the $300 million range, not including the cost of the project site.
Hard Rock recently opened three world-class facilities – Hard Rock Hotel and Casino Macau, as part of the City of Dreams project, Hard Rock Hotel Singapore and Hard Rock Hotel Penang. Additionally, the brand will be opening the world's first all-inclusive Hard Rock Hotel and Casino in Punta Cana this spring. Hard Rock's other Hotel and Casino properties include Seminole Hard Rock Hotel and Casino Hollywood (Florida); Seminole Hard Rock Hotel and Casino Tampa (Florida); and Hard Rock Hotel and Casino Biloxi (Mississippi); as well as branded hotels in Orlando (Florida); Chicago(Illinois); San Diego (California); Pattaya and Bali. Hard Rock Hotel and Casino projects have been announced inPanama, scheduled to open in 2011; Dubai and Abu Dhabi, scheduled to open in 2012 and Hungary in 2013. Additionally, the Hard Rock Hotel and Casino Las Vegas is owned and operated by the Morgans Hotel Group and equity partner DLJ Merchant Banking Partners.
About Hard Rock International
About Och-Ziff Real Estate
|Also See:||Pennsylvania Starts Adding 61,000 Slot Machines from Philadelphia to Pittsburgh and Casinos in Atlantic City Reinventing Itself As a Getaway for Vacationers and Conventioneers / June 2006|