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Plan tied to proposal to allow smaller-scale developments
If New Jersey lets developers build smaller-scale casino hotels in Atlantic City, Hard Rock International wants to be first in line to enter that market. A day after legislation was introduced in the New Jersey legislature to allow the construction of hotels with fewer than 500 guest rooms in Atlantic City, Hard Rock announced a strategic alliance with Och-Ziff Real Estate to explore developing a Hard Rock Hotel and Casino on the city’s Boardwalk.
“We are intrigued by the newly-proposed legislation, which makes entering the marketplace more manageable, and we are encouraged by the efforts by State Senator Jim Whelan [the legislation’s sponsor] 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 partners’ 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.
New Jersey law currently requires 500-room hotels with casinos of at least 60,000 square feet. Under Whelan’s plan, developers would be able to build 20,000-square-foot casinos at hotels with at least 200 rooms. The New Jersey legislature will start hearings into whether to make that change within the next few weeks.