Hard Rock and its partners have announced they want to purchase Atlantic City’s Taj Mahal after the company have reached a definitive agreement with a wholly-owned subsidiary of investor Carl Icahn.
Hard Rock International is to become majority owner of the rebranded Hard Rock Hotel & Casino Atlantic City, after the partnership with the Morris and Jingoli families. The group will thus invest over $300 million to buy, greatly renovate and re-open the casino.
Jim Allen, chairman of Hard Rock International:
The partnership with the majority controlled by Hard Rock International, will turn the existing Taj Mahal into a complete remodel and rebrand of the property. Atlantic City’s Taj Mahal is located on 17-acres of prime Boardwalk real estate, providing guestrooms with views of the city and ocean in the building which was once named the 8th wonder of the world.
Jack Morris, CEO of Edgewood Properties:
From its renovation to completion, the new Hard Rock Hotel & Casino is expected to create over 3,000 jobs for Atlantic City and bring an ongoing and significant impact to the local and regional economies, together with the revitalization of Atlantic City.