Hard Rock to invest more money in AC

The casino operator reported that it will need more money to renovate the recently acquired Trump Taj Mahal.

US.- Hard Rock international announced that it will be increasing the initially planned US$350 million to US$500 million to redevelop the Trump Taj Mahal casino in Atlantic City. The news were revealed by Jim Allen at the East Coast Gaming Congress.

“We are committed to a minimum of $500 million we’re going to put back into that building. It does us no good to out some guitars on the wall and new carpets, and say, ‘I can take 5 or 10 percent of the business from Resorts or Harrah’s,” said Allen, who also explained that they will need to spend more money on removing all the “minarets and all the purple,” in reference of all the Trump signs and design of the casino-hotel. Moreover, Allen confirmed that the company will sign a contract with the worker’s union soon, as revealed by NJ.com: “There’s going to be no dispute with Local 54. We are going to put people back to work. We’ll get it done. We’ll do it fair.”

Christopher Baldwin, managing director of Nomura Securities, also said that Hard Rock is designed to bring more costumers and not steal them from other gambling facilities in the area. “Rock ‘n’ roll and the whole concert scene is something that is appealing. It’s going to be a wide draw demographically.” The proposal is set to create more than 1000 construction jobs and once it’s finalised, additional 3000 permanent jobs will be set in place.

The renovated venue will change its name to Hard Rock Hotel & Casino Atlantic City and has an established opening date for the summer of 2018. According to information revealed by the company, the casino will open with 2400 slots and 130 gaming tables. According to documents filed with the U.S. Securities and Exchange Commission, Hard Rock International paid US$50 million for the Trump Taj Mahal. Billionaire Carl Icahn got for the Atlantic City-based casino just 4 cents on the dollar in comparison to the US$1.2 billion it had cost to Donald Trump in 1990.