Hard Rock Atlantic City Embarks On $20 Million Renovation
Hard Rock Atlantic City has announced that it will spend at least $20 million in capital improvements. The bulk of this budget has been allocated to renovating 91 of the suites at the Boardwalk casino. Hard Rock opened this integrated resort in Atlantic City in June of 2018. It was able to acquire the Trump Taj Mahal from Carl Icahn. The Taj Mahal had been shut down but was sold to Hard Rock for $50 million in 2017.
Owned by the Seminole Tribe of Florida, the Hard Rock company went on to invest over half a billion dollars in order to transform the India-themed property with turrets, minarets and fake gold into a gaming resort destination with a rock ‘n’ roll theme.
Economic Conditions A Factor
The global health crisis has made the past year very difficult for the nine casinos in Atlantic City. Gross operating profits plunged more than 80%. It could have been significantly worse had it not been for online gambling and mobile sports betting. Despite over 13 months of facing these challenges, casino owners of Atlantic City are preparing themselves for better economic conditions.
Hard Rock plans to renovate 66 Celebrity suites and 25 Roxy suites. Recently, all of the resort’s standard rooms were upgraded to include new flat-screen televisions and LED lighting. This $20 million investment will see a Starbucks added to the boardwalk, as well as additional slot machines on the casino floor and new outdoor beach amenities.
New Attractions On The Cards
Hard Rock is not the only company investing in its Atlantic City properties. Caesars Entertainment is reportedly spending roughly $400 million on renovating its three properties in town. Ocean Casino Resort announced last month that it will be giving its property a $15 million refresh. Bally’s, on the other hand, is investing about $90 million in a much-needed renovation of its boardwalk namesake.
The consensus amongst resort owners is that Atlantic City needs to be invigorated. With declining revenues, the industry is becoming increasingly competitive. Properties like Hard Rock are in it for the long run and are investing their dollars now before it is too late.
Bart Blatstein, the owner of Showboat, believes that Atlantic City must be more than just casinos to attract new visitors. The real estate developer is focused on creating new entertainment that appeals to families. In April, it was announced that the total cost for his 100,000 square foot indoor waterpark is $129 million.