Keeping in view the present struggling market and the financial system of the Atlantic City, the casino and entertainment company - Hard Rock International possessed by Seminole Indians have concluded to drop down their proposal for construction of a hotel-casino in the City. The company clarified its basis of pulling out its request just a few hours before it had to deposit $1 million, in a report released this week. The report stated that it was not an appropriate time to pour money into the city which has already experienced a much better financial period.
Hard Rock further informed that they have not dropped plans for construction of hotel-casino forever. They will again plan it in future when the market and economic conditions of the city are favorable for it.
The planned casino was believed to have been a boutique-type hotel and had been a combined construction amid Hard Rock and AC Gateway. Originally, it would have 208 rooms and would have increased its rooms to 850 with casino. There would have been a music history museum containing things from the Beatles as well as the Rolling Stones at a time when the two groups had played in the gambling town.
Sen. James Whelan, the person whose thought led to the development of smaller-is-friendlier boutique casino law of Atlantic City, took the choice made by Hard Rock to drop down its casino proposal with great distress. However, he informed that such a decision was anticipated keeping in view the financial state of the city by and large. He is optimistic about development of such a casino by Hard Rock or some other company in the times to come.
Hard Rock’s choice to pull away from casino proposal for the time being was a good decision as the market of Atlantic City is facing a downward trend. The example of the hypothetical ostentatious hotel and casino Revel can be taken for stance, which was expected to start five months back. A lot of money was spent in advertising and to accomplish its operations and it required so much money in order to prevent bankruptcy.
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