The owners of the future Hard Rock Hotel & Casino Atlantic City are planning to put nearly $400 million into the empty boardwalk property — an investment they say will transform the financially battered Shore resort from a "one-and-a-half night town" to an entertainment destination.
Telling a crowd that counted Gov. Chris Christie, N.J. Senate President Steve Sweeney and Atlantic City Mayor Don Guardian as members, Hard Rock International CEO Jim Allen said the purchase of the vacant Taj Mahal casino from previous owner Carl Icahn has closed and financing is in place to begin a $375 million overhaul of the property.
"We're going to be closer to a $400 million investment here," he said during a Wednesday press conference. Allen explained how the group of investors led by the Hard Rock, and the Morris and Jingoli families are committed to one key mantra with the buy: "Do it right."
"Do it right doesn't mean just some new carpet, it doesn't mean just some new memorabilia," Allen said. "It means a complete renovation of all the guest rooms. ... literally taking the bathrooms out and redoing them. It means all new furniture, it means a complete redesign of the casino floor."
Hard Rock wants "to create a true entertainment destination, not just a gambling destination," he said
Breaking news and the stories that matter to your neighborhood.
For the latest business news from around the Philadelphia region, check out the Philadelphia Business Journal.