The Hard Rock International, famous for its bars in rock and roll style, has announced that it has entered an agreement with private equity company Och-Ziff Real Estate to build a $ 300 million a casino in a hotel in Atlantic City.
This move follows the newly enacted state legislation and wants to encourage new development in Atlantic City, where the incomes from gambling declined following the recent economic downturn, as well as a result of increased competition in neighbour states as Pennsylvania, where gambling was approved in 2006.
Hard Rock said the proposed legislation would allow developers to build new casinos in Atlantic City with fewer than 500 hotel rooms, significantly reducing construction costs.
This allows to enter the casino market in a more manageable way, according to Jim Allen, president of Hard Rock.
Despite the current turmoil, Atlantic City remains the second largest location for casino games and it would be the ideal place for a Hard Rock Hotel and Casino.
Indeed, the world of gambling is also one of the most prosperous and secure, with the passage of the economic crisis, you can see a sort of second birth for this sector.
Some casino operators in Atlantic City are casino owner Harrah’s Entertainment and Trump Entertainment Resorts Inc., as well as the Boyd Gaming and MGM Mirage.
We’ll see how it will end this agreement and, if indeed the Hard Rock casino were to decide to achieve this, in what way the charm of the Hard Rock name may have a significant positive effect on the success of this new initiative, which is certainly interesting.