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Rumor: Hard Rock to Be 13th Atlantic City Casino

By Chuckmonster on Thursday, 18th May 2006 6:11pm
  » filed under Las Vegas  comments: 0


The gambling subsidiary of Morgan Stanley has acquired 20 acres on the Boardwalk to develop what will be Atlantic City's 13th casino. The Wall Street firm confirmed it paid about $74 million for the land, which had been controlled by a group of developers and the Atlantic City Housing Authority.

A Morgan Stanley official said yesterday that the company intended to choose a casino operator to build and operate the previously reported $1 billion casino hotel on the site that abuts the Showboat casino and the Bella Condominiums high-rise tower in the city's rapidly developing South Inlet area.

"Morgan Stanley will act as the financial sponsor for the project," Michael C. Garrity, director of MS Gaming Cos. Holdings Inc., said in an interview. "We will recruit an experienced gaming operator to develop and manage the project."

But real estate professionals and gambling industry officials familiar with Morgan Stanley's plans say a leading contender is Hard Rock International Inc. "Hard Rock Hotels & Casinos is currently looking at a number of development opportunities throughout the world," Hard Rock said in a statement yesterday. "As a policy, we never comment on such potential opportunities."



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