Vol. 3, No. 5, May 2006
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Hot Lot – Who's Next?
A report in the Philadelphia Inquirer last month that Hard Rock International would build one of its signature properties on the Boardwalk was apparently premature.
Sources told Casino Connection that, although negotiations had been conducted, no deal was pending at the present time. The site of the proposed casino, however, was in play last month when investment firm Morgan Stanley announced it had reached a tentative agreement to buy the land, next to Showboat in the Inlet area. North Beach Holdings bought the property from MGM Mirage in 2004 and had considered several different development plans, none of which came to fruition.
A Morgan Stanley spokesman said no talks have begun with any casino developers, but affirmed that his company would not be the developer or operator. The company has invested heavily in Trump Entertainment recently. However, many casino companies have recently expressed interest in Atlantic City, including Pinnacle Entertainment, Ameristar Casinos and Penn National Gaming, given the recent surge in gaming revenue following the opening of the Borgata and the Quarter at Tropicana.
