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New York

Hard Rock may open luxury AC hotel

Hard Rock International is entering an agreement with private equity fund Och-Ziff Real Estate to explore plans to develop a $300 million luxury hotel in Atlantic City, following the introduction of legislation in the New Jersey state Senate that would allow new casinos of less than 500 rooms.

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Hard Rock said today that the proposed property would include a beachfront property at the corner of Albany Avenue and the famed Boardwalk. The property would include a beachfront pool, spa, gaming floor and onsite dining and entertainment.

The legislation, introduced by former Atlantic City Mayor Jim Whelan, would allow the development of four new casino properties with at least 200 rooms. The resort is going through a major slump in gaming revenue amid the economic recession and heightened competition from competitors in Pennsylvania, Connecticut and New York State. Gaming revenue fell 15.7 percent in February to $261.6 million.