Hard Rock Hotel & Casino Punta Cana Guitar Sign — Photo by Hard Rock

Orlando, FL -- Hard Rock International unveils plans for Hard Rock Hotel & Casino Atlantic City. Today, Hard Rock and its partners announced they have reached a definitive agreement with a wholly-owned subsidiary of investor Carl Icahn to purchase Atlantic City's former Taj Mahal.

Hard Rock International will be majority owner of the rebranded Hard Rock Hotel & Casino Atlantic City in partnership with the Morris and Jingoli families. The group will invest more than $300 million to purchase, substantially renovate and re-open the casino.

"We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment," states Jim Allen, chairman of Hard Rock International. "We are 100 percent convinced Hard Rock Hotel & Casino Atlantic City will be a success."

The partnership, majority controlled by Hard Rock International, will transform the existing Taj Mahal with a complete remodel and rebrand of the property that is located on 17-acres of prime Boardwalk real estate, offering guestrooms with views of the city and ocean in the building once named the 8th wonder of the world.

"Both the Morris and Jingoli families are honored and excited to partner with Hard Rock International in the rebuilding of Atlantic City," said Jack Morris, CEO of Edgewood Properties. "This is a once-in-a-lifetime opportunity to be a part of revitalizing one of our nation's most iconic destinations. Atlantic City has a rich and dynamic history and we are so proud to help recapture that greatness."

From renovation to completion, it is expected that the new Hard Rock Hotel & Casino will create over 3,000 jobs for Atlantic City and provide an ongoing and significant impact to the local and regional economies as well as the revitalization of Atlantic City.

For additional information on Hard Rock International, please visit www.hardrock.com.

About The Morris Family

The Morris Family is led by Jack Morris, the CEO of Edgewood Properties. Since its founding in 1992, Edgewood Properties has established itself as a leading real estate development and property management company. With corporate headquarters in New Jersey, the company is on a course of growth leading to activities across the nation. Among other major South Jersey projects, Edgewood led the redevelopment of the Garden State Park racetrack in Cherry Hill.

About The Jingoli Family

The Jingoli Family is led by Joseph R. Jingoli, Jr. and Michael D. Jingoli. Joe Jingoli is the CEO of Jingoli Construction and COO of DCO Energy ("Jingoli-DCO") and Michael Jingoli is the CFO of both companies. Jingoli-DCO are international constructors and energy developers with projects throughout the United States and abroad. The firms specialize in power, district energy systems, combined heat and power facilities, transmission and distribution, industrial, healthcare, education and gaming. Jingoli-DCO has deep roots in South Jersey with a record of continual investment in the future of Atlantic City.

Advisors

The Buyer was represented by Greenberg Traurig, P.A., Fox Rothschild, LLP, and The Weingarten Law Firm, LLC. The Seller was represented by Levine, Staller, Sklar Chan & Brown, P.A.

About Hard Rock®

Hard Rock International (HRI) is one of the most globally recognized companies with venues in over 70 countries spanning 309 locations that include owned/licensed or managed Hotels, Casinos, Rock Shops®, Live Performance Venues, and Cafes. HRI also launched a joint venture named Hard Rock Digital in 2020, an online sportsbook, retail sportsbook, and internet gaming platform. Beginning with an Eric Clapton guitar, Hard Rock owns the world's largest and most valuable collection of authentic music memorabilia at more than 87,000 pieces, which are displayed at its locations around the globe. In 2023, Hard Rock Hotels was honored by J.D. Power's North America Hotel Guest Satisfaction Index Study as the number one Upper Upscale Hotels brand in Outstanding Guest Satisfaction for the fourth time over the last five years. Hard Rock was also honored by Forbes among the World's Best Employers, as well as Best Employers for Women, Diversity and New Grads, Best Brands for Social Impact, Customer Service All-Star and a Top Large Employer in the Travel & Leisure, Gaming, and Entertainment Industry. HRI became the first privately-owned gaming company designated a U.S. Best Managed Company by Deloitte Private and The Wall Street Journal in 2021, and has since been honored threefold. In the 2022 Global Gaming Awards, Hard Rock was named Land-Based Operator of the Year for the second time in four years. Hard Rock International currently holds investment grades from primary investment rating agencies: S&P Global Ratings (BBB) and Fitch Ratings (BBB). For more information on Hard Rock International, visit www.hardrock.com or shop.hardrock.com.

Brian Klein
Hard Rock International
(407) 445-7712
Hard Rock