Atlantic City: Icahn selling Taj Mahal casino to Hard Rock

[SH0CK]

It sounds more and more like that end of the boardwalk is trying it's best to make a come back. I didn't even realize that the Showboat had opened back up as a non-casino property.

Billionaire investor Carl Icahn reached a deal Wednesday to sell the shuttered Taj Mahal casino in Atlantic City to Hard Rock International and two New Jersey investors. The sale comes four months after Icahn closed it amid a crippling strike.

It remains to be seen what plans Hard Rock has for the facility, although the company has long toyed with the idea of opening a casino resort in Atlantic City. In 2011, the company proposed — and soon abandoned — a music-themed casino resort at the southern end of the Boardwalk.

 

[hail2skins]

Interesting. One would think Hard Rock would reopen it as a casino property, and it'll be interesting to see if they can turn it around like Golden Nugget appears to have with another former Trump property there.

Additional gaming options on the north end of the Boardwalk would be positive, especially if Straub ever follows through on reopening Revel/Ten.

 

[hammie]

Here is a link to the Press of Atlantic City article

http://www.pressofatlanticcity.com/...cle_52f77eb5-9a94-57d2-993f-7a0684410971.html

Glen Straub tried to avoid getting licensed but the Casino Control Commission said even if he leases out the casino to another operator, he still must get a license. I just can't believe the Hard Rock didn't try to make a deal and buy Revel.

 

[hotreds]

Would love to see more options along the Boardwalk. Kinda sad to see all the "closed" signs.

 

[Chump]

Wow, this hasn’t even been announced down here yet!

The Seminole Tribe of Florida owns Hard Rock International. They were like so many other destitute American native tribes just twenty-five years ago. I find their progression to be one of the most remarkable success stories in the country today. They opened their first bingo hall here in 1979 and expanded following the Indian Gaming Regulatory Act of 1988. In 2007, they jumped off a cliff in purchasing the HR Brand for one billion dollars. This was the catalyst to their explosive growth. Now, Hard Rock owns or licenses 164 cafes, 22 hotels (and one racino), with 15 hotels under development, 11 casinos and five concert venues. The HR brand is in 68 countries. Room count has ballooned from 3,511 rooms to 16,761 rooms among all properties. In 2010, the Seminole signed a gambling compact with Florida allowing them to operate as a Class III casino. Their Tampa casino is among the five most profitable in the US today.

I know that HR looked at Revel several years back but could not make any financial sense of it. They do a good job of maintaining and updating their properties. Hopefully, they will get their arms around the Taj and do as well there improving the AC market to everyone’s benefit. Many of their managers and executives are from either AC or Vegas. They know AC. Their current lead guy here in Tampa recently arrived from the Borgata and is overseeing a larger expansion here than the Taj purchase price.

 

[hammie]

An article from NJ.com, there are two additional investors besides the Hard Rock. Also, a mention of $300 million in renovations and rebranding. Hard Rock was mentioned as being an operator of a North Jersey casino, but voters rejected the expansion of gaming beyond Atlantic City.

http://www.nj.com/politics/index.ss...hard_rock_buying_t.html#incart_river_home_pop

Glen Straub bought the Revel for three cents on the dollar, I think it was around $84 million. Plus, he was able to break the contract with the utility supplier (just about all of the Casinos in Atlantic City contract with independent utility plants to furnish electric, hot water to heat the property in winter, and cold water for cooling in the summer). I've read that Straub is eccentric, but he must be a real Looney Kazoonie for not making a deal with HR.

I'm sure the new owner of the Showboat is a happy guy, there was a foot bridge connecting the properties. Another bridge connected Resorts.

 

[bshowell]

I guess the rumors were true. This time. It'll be nice to have some life at that end of the Boardwalk again. We just stay at Trop or Claridge w/a foray to Borgata. Kind of miss the old days of going from end to end to see what was new in the properties.

 

[luridludicloco]

First casino I ever went to in Atlantic City was Taj Mahal. I have not been to the Queen of Resorts in years, since Revel closed. When the Taj opens again, under Hard Rock, with whatever name, I will definitely make the trip there and try to get a royal flush. Will they have good pay tables? Nor really counting on that!

 

[flysrb]

Hey Now!
we just returned from Biloxi. All I did at the Hard Rock there was get a chip and a pin, but the property was indeed very well kept.
Since we play at Resorts, it will be a welcome addition next door. Take some of that day bus traffic away from Resorts!

 

[The Rumor]

It sounds more and more like that end of the boardwalk is trying it's best to make a come back. I didn't even realize that the Showboat had opened back up as a non-casino property.

Not sure there is a casino in existence that was run as badly as this one for so long. Hope Hard Rock can do something decent with it.

 

[lithium78]

People in NJ are very excited about Hard Rock coming to AC, because not only will this rejuvenate the resort, but this is going to seriously improve the quality of entertainment. The music just hasn't been there ever since we lost the House of Blues on the Boardwalk.