Hard Rock International Announces Strategic Alliance For Potential Atlantic City Casino Project
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™.
