Hard Rock International has abandoned its plans to build a $300 million casino-hotel in Atlantic City, N.J., The Philadelphia Inquirer
reported yesterday, citing "a ripple effect from the financial condition of the new and expensive Revel Casino." Revel, which opened on Memorial Day, cost $2.4 billion to build and reportedly is generating only half of what it needs to stay solvent.
"Hard Rock International has decided not to move forward with an application for a potential hotel-casino development in Atlantic City, due to current market conditions," the company said, according to the Inquirer. "We have been evaluating Atlantic City as a prospective location for a hotel-casino development and have not eliminated this location for a future endeavor."
Hard Rock announced its intentions to build an Atlantic City casino in 2010. Proposed for the southern end of the Boardwalk, the project was to be built in two phases and ultimately would have included 850 guest rooms, a 100,000-square-foot casino, a Hard Rock museum and a beachfront Hard Rock Café.