Previously valued at USD 86M
Hard Rock pays USD 50M for Trump Taj Mahal
The property formerly owned by the President will feature two separate arenas with seating totaling 7,000 and more 2,400 slot machines and is expected to open in the summer of 2018.
2017-05-10
Reading time 44 seg
The property formerly owned by the President will feature two separate arenas with seating totaling 7,000 and more 2,400 slot machines and is expected to open in the summer of 2018.
Hard Rock International and inventors, Joe Jingoli and Jack Morris, plan to spend nearly USD 400M rebranding the property into the Hard Rock Hotel and Casino Atlantic City.
““The project is expected to create more than 1,000 construction jobs and 3,000 permanent jobs, according to Hard Rock.
”
Since the transaction on March 31, Hard Rock has already hired 23 employees as it sets out to bring the once iconic Taj Mahal back to life under a new name and identity.
“Without knowing all the particulars on the surface it seems fair,” said Robert Ambrose, an instructor of hospitality and gaming at Drexel University. “The new operators will be putting forward a tremendous amount of money subsequently raising the property value and its new marketing potential.”
““According to a sales agreement filed with the county, the property has a taxable value of more than USD 224M.
”
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