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Following the introduction of legislation in New Jersey yesterday to encourage new development in Atlantic City, Hard Rock International has announced a strategic alliance with Och-Ziff Real Estate.
The partnership will explore developing a Hard Rock Hotel and Casino in Atlantic City if the proposed legislation to allow developers to build new casinos in Atlantic City with fewer than 500 hotel rooms, significantly reducing construction costs is passed.
“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.”
Plans for the project have already been laid out with a beachfront location in mind at the intersection of Albany Avenue and the Boardwalk.
The first phase of development would feature an ultramodern gaming floor, luxury hotel, world-class dining and entertainment venues, and a beachfront pool and Rock Spa™.
Excluding fees associated with the project site, preliminary estimates of the cost of the venue’s first phase is anticipated to reach the $300 million range.
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