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 nearly 75 countries spanning more than 300 locations including owned/licensed or managed Hotels, Casinos, Rock Shops®, Live Performance Venues and Cafes. Beginning with an Eric Clapton guitar, Hard Rock owns the world's largest and most valuable collection of authentic music memorabilia with more than 88,000 pieces displayed at locations around the globe. The Unity™ by Hard Rock global loyalty program rewards members for doing the things they love across participating properties. In addition, Hard Rock Digital spotlights the sports betting and iGaming experience with products remixed in the spirit of Hard Rock for players worldwide.

HRI has received numerous industry and destination awards across the travel, hospitality, gaming, entertainment and food & beverage sectors. HRI currently holds investment grades from primary investment-grade 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