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Hard Rock May Bet on AC Casino Project

ATLANTIC CITY-Thanks to new legislation encouraging casino development, Hard Rock has entered an alliance with Och-Ziff to explore a hotel and casino here.

By Alyson Grala | Updated on March 24, 2010

ATLANTIC CITY-With legislation introduced in New Jersey yesterday to encourage development in Atlantic City, Hard Rock International has entered a strategic alliance with Och-Ziff Real Estate to explore developing a Hard Rock Hotel and Casino here. The legislation, which would lower the minimum-room threshold for developers, was proposed by Democratic Sen. Jim Whelan, chairman of the Senate State Government, Wagering, Tourism and Historic Preservation Committee.

Sen. Whelan’s bill would create two new alternative methods for casino licensure by the State’s Casino Control Commission. Along with the traditional, 500-room capacity, 60,000-square-foot-minimum casinos, developers would now have the option of building a small-scale casino facility that is less than 20,000 square feet with at least 200 rooms. Developers could also opt for a staged casino of 30,000 square feet or less and a minimum of 200 rooms, assuming they expanded to the 500-room requirement within five years.

“Through this bill, not only will we be able to encourage smaller developers to invest in Atlantic City, but we would also be able to encourage developers who are interested in a larger-scale development, but want to take it slow,” Whelan said in a release. “In this economic climate, finding developers willing and able to meet the 500-room threshold for a new casino is a very tall order. When you give developers the opportunity to invest in a smaller casino, and eventually expand when the economy rebounds, you’re more likely to get greater interest in the city.” Whelan also noted that this bill would allow developers to redevelop abandoned properties along the Atlantic City Boardwalk that were once intended for much larger casino resorts.

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