Hard Rock International 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.
President Donald Trump once operated the hotel, but parted ways with the place in 2009.
Icahn, who is an adviser in Trump's administration, bought the property in 2016 but shut it down in October 2016 after years of bleeding red ink.
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.
With venues in 74 countries, including 174 cafes, 24 hotels and 11 casinos, Hard Rock International (HRI) is one of the most globally recognized companies. Beginning with an Eric Clapton guitar, Hard Rock owns the world's greatest collection of music memorabilia, which is displayed at its locations around the globe. Hard Rock is also known for its collectible fashion and music-related merchandise, Hard Rock Live performance venues and an award-winning website. HRI owns the global trademark for all Hard Rock brands. The company owns, operates and franchises Cafes in iconic cities including London, New York, San Francisco, Sydney and Dubai. HRI also owns, licenses and/or manages hotel/casino properties worldwide.
Destinations include the company's two most successful Hotel and Casino properties in Tampa and Hollywood, Fl., both owned and operated by HRI parent company The Seminole Tribe of Florida, as well as other exciting locations including Bali, Chicago, Cancun, Ibiza, Las Vegas, Macau and San Diego. Upcoming new Hard Rock Cafe locations include Valencia, Innsbruck, Yangon and Chengdu. New Hard Rock Hotel projects include Abu Dhabi, Atlanta, Berlin, Dubai, London, Los Cabos, New York City, and Shenzhen, Dalian and Haikou in China. For more information on Hard Rock International, visit www.hardrock.com.
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.
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 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.