After acquiring the Trump Taj Mahal Casino a few months ago, Hard Rock International announced plans to revamp the venue, turning the casino into a Hard Rock branded property. Known now as the Hard Rock Hotel and Casino Atlantic City, the property will soon take on a new look, moving away from the garishly gaudy design that Donald Trump created back in the 1990s when the New Jersey casino first opened. Demolition of the facade is set to begin next week according to one of the investors involved in the project.
Joseph Jingoli is an investor who spoke during yesterday’s Casino Reinvestment’s public hearing where the application provided by Hard Rock was being reviewed in regards to earning an Entertainment Retail District designation for the venue. According to the Press of Atlantic City, the hearing took less than 10 minutes to complete and three individuals were on hand to testify in favor of the plans.
During the hearing, Jingoli stated that the project will create over 1,000 union construction jobs and the venue would be operational by summer of next year. The investor stated further that the façade demolition will include removing the Indian-themed décor.
The current goal of Hard Rock International is to be approved for Entertainment Retail District designation. A law was created in 2001 that provides a tax-incentive program where construction of new entertainment and retail properties is encouraged for the Atlantic City area. The goal is to bring more visitors to the area and create new employment opportunities plus tax revenues for the local as well as state government.
With the designation, Hard Rock would become eligible for tax breaks as well as allow the CRDA to receive rebates. Hard Rock would receive rebates for sales and then be able to use taxes on construction materials used for the property as well as rebates on luxury tax on fees from hotel rooms. These rebates would apply for a twenty-year time frame or until the total rebate amount is equal to the cost of the project.
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