Hard Rock: Interested in Revel if price is right

Published on NewsOK Modified: May 20, 2014 at 5:43 pm •  Published: May 20, 2014
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ATLANTIC CITY, N.J. (AP) — The president of the Seminole Indians' Hard Rock franchise says the company would consider buying Atlantic City's Revel Casino if the price were right.

Revel, Atlantic City's newest casino, is seeking a buyer or a partner for a joint venture.

Florida-based Hard Rock has been a long-rumored suitor for Revel and made preliminary inquiries earlier this year to New Jersey casino regulators about what license it would need if it pursued Revel.

Hard Rock president James Allen, speaking Tuesday at the East Coast Gaming Congress, confirmed the company has kicked the tires at Revel.

"We certainly looked at it," he said. "We participated in the process. The question is not whether Revel will be operating. The question is what will you have to put into a property that's negative" in terms of earnings.

While acknowledging the casino is little more than two years old, Allen said Revel "needs a lot of work. There are issues with the design."

Revel is designed with the casino on an upper floor that has to be accessed by a long escalator.

Nonetheless, Allen said, "If the economics were right, then we would be interested." He declined to say what he considered a fair price for the casino, which cost $2.4 billion to build and has already gone through bankruptcy once.

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