The agreement was approved at the Casino Control Commission's meeting on Tuesday. Under the terms of the agreement, HR Atlantic City, part of Hard Rock International, will serve as the casino operator for the property. The agreement is needed if the owner and operator at a property are different.
The property is owned by Boardwalk 1000, which includes Hard Rock International and investors Jack Morris and Joe Jingoli.
The agreement meets the state’s mandated criteria, which include the length of the agreement, a requirement that the casino manager own at least 10 percent of the property and that each party holds a casino license.
Both HR AC and Boardwalk 1000 have applied for casino licenses.
“The management agreement has an initial 10-year term, a sufficient duration to ensure reasonable continuity, stability and independence in the management of the operation,” according to a letter from the state Division of Gaming Enforcement dated Nov. 14.
Since July, workers have been removing the ruby-red minarets and onion domes that dominate the property’s facade on Hard Rock’s newest property, the Hard Rock Hotel & Casino Atlantic City. The rebranded property is expected to open next summer.
Hard Rock investors Jack Morris and Joe Jingoli are spending about $500 million to renovate it. The company expects the project to generate more than 1,000 construction jobs and 3,000 permanent jobs.