EAST RUTHERFORD, N.J. (CBS/AP) — Plans call for naming a new casino just outside New York City the Hard Rock Casino Meadowlands.

Hard Rock International and the Meadowlands Racetrack on Wednesday unveiled details about the project, which could generate $500 million in tax revenue for New Jersey.

READ MORE: Flyers' Keith Yandle Ties Doug Jarvis' NHL Iron Man Streak At 964 Straight Games

Hard Rock CEO Jim Allen says the casino could be open by summer or early fall 2016.

READ MORE: Nicholas Bednarek Identified As Man Killed In Cheltenham Crash That Injured 4 Other Teens

But first, the New Jersey Constitution would need to be amended to allow it. Lawmakers are taking steps to put the issue before voters in November.

Organizers say the casino plans include more than 10 restaurants, a live concert venue, NJ Music Hall of Fame and a music memorabilia museum. They also say “significant” tax revenue will be used in the development and reconstruction of Atlantic City.

MORE NEWS: Police Believe Suburban Philadelphia Homes Being Targeted By Organized Theft Ring: 'You Don't Think Of It Happening Here'

Atlantic City leaders have opposed every attempt to even consider legislation expanding casino gambling beyond its borders. Last year, four of the city’s 12 casinos shut down, and gambling revenue has been falling steadily for eight years, even without in-state competition.

(TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.)