When Hard Rock International launched its newest casino almost year and a half ago, the firm was confident its latest investment would be a big hit. Sadly, reality kicked in when the firm realized that the success it had envisioned was not to be. As it stands, the firm’s brass is not impressed with the current performance, or with how their lasted portfolio was received on the market.
Although Atlantic City was on track in its third consecutive year of growth, the firm’s Hotel and Casino Atlantic City are not anywhere near what is expected, which is why the CEO calls this market trend disappointing, as stated on calvinayre.
Jim Allen, the CEO, and chairperson of the firm, in a recent interview, stated that he feels the city has not been welcoming to the gambling giant and went on to say that as a firm, they are disappointed with the city. The COE did not have anything else to say other than it’s a shame that the city did not rise to the occasion of a firm that had spent close half a billion dollars in the city.
The firm leased the Old Trump Taj Mahal and turned the space into what the firm had hoped would become the new center of attention in the gambling city. The firm also led the way in creating more than 3000 new job opportunities, but the firm’s CEO feels the city has not expressed enough gratitude for all the firm has done. May be Atlantic City is still pouting after it was asked to spend close to $.48 million to settle a dispute this year.
However, this goes way beyond the tax dispute, though. Atlantic City is still recovering from the poor management it had to endure in the past few years and the struggles over who was more qualified to lead it. Besides, there have been concerns over the years that Atlantic City has no more space for casinos because analysts feel the local market is currently saturated.
Tilman Fertitta, Golden Nugget’s owner, started a few months ago that nearly nine different casinos would be overstretching the city’s limits and it might lead to another economic catastrophe like the one the city witnessed in 2014.
Hard Rock International may be disappointed that it did not receive the welcome it feels it’s owed. Still, the city has seen a lot of revolving door activity that officials are now immune to showing any emotion. Still, considering that the gambling activities have seen growth for the third year running, and sports gambling is busy smashing records, the HRI might want to look in the house for an explanation as to why it is not performing, as it should.
Frankly, when the HRI states that it is the city’s fault its numbers are dwindling, it sounds like a huge excuse to blame someone else for its inability to cut through the market. Maybe management needs to shake up the tree and see what gives they might be surprised.
