Hard Rock May Purchase Struggling Revel Casino in Atlantic City
By David Madden
ATLANTIC CITY, N.J. (CBS) — It looks like the Seminole Indian Nation — the people behind the Hard Rock franchise — may be ready to enter the Atlantic City casino market.
Hard Rock flirted with the idea of building a small casino of its own a couple years ago, but backed off when the cost became prohibitive.
Now, the economics have changed, according to Israel Posner, a gaming and hospitality expert with Stockton College of New Jersey.
“The market is now priced at a point that makes it attractive for a lot of operators and investors that may have found that the price was too high a year or two ago,” he tells KYW Newsradio.
Hard Rock has filed paperwork with New Jersey gambling officials to get the ball rolling toward opening their own casino, which would also make them eligible to offer gambling via the Internet.
According to sources, Hard Rock may be looking at purchasing the struggling Revel casino, now operated by a North Jersey hedge fund.