Wed, Aug 28, 8:11am by Staff Writer
Hard Rock International and Spanish gambling group Codere have reportedly been in talks to form a joint venture and build a guitar-shaped casino resort in Mexico.
Casino News Daily reports that newspaper El Confidencial reported last week that Hard Rock and Codere have agreed to a 60-40 partnership that will see the joint development and operation of a casino resort in Mexico City.
Mexico is a major market for Codere as the company has been extending aggressively its Latin American footprint in the past several years.
While El Confidencial reported that Hard Rock and Codere have already entered into a partnership, Spanish-language gaming news outlet AZARplus reported, citing information provided by Codere, that it was a bit too early to unveil more details about a potential “strategic alliance” with Hard Rock in Mexico.
It emerged last week that the two gambling companies have secured a site in Mexico City for the development of a guitar-shaped hotel and casino resort.
The property would cost $1 billion to be built and according to sources familiar with the ongoing talks between Hard Rock and Codere, the latter operator would invest about $360 million in the scheme.
Reports suggested that the Mexico City resort would feature 48 stories, a casino and betting area, dining outlets, and entertainment facilities, among other amenities.
The two gambling operators are believed to have tapped Credit Suisse to secure the bank loan they would need to raise the complex up from the ground.
If Hard Rock and Codere form a joint venture in Mexico and clear all the hurdles that accompany a project of this scale, they would develop the second guitar-shaped resort in the portfolio of the Florida-based gaming and hospitality giant.
The company is gearing up preparations for the upcoming opening of the renovated and expanded Seminole Hard Rock Hotel & Casino Hollywood resort in South Florida.
— Casino Life Magazine (@casinolifemag) August 26, 2019
Hard Rock spent $1.5 billion on updating the property and adding the world’s first guitar-shaped hotel, among other facilities.
The refurbished complex is slated to open doors on October 24.
The hotel tower and the other upgraded amenities at the resort would look to attract visitors throughout the country and around the world and “put South Florida on the map as a world-class gaming destination.”
Hard Rock International presented its proposal for a casino in Rockford, Illinois in July.
News about the company’s plans to enter the state’s casino market come shortly after Governor Pritzker signed into law a gambling expansion bill that among other things authorises the addition of up to six new casinos around Illinois.
Hard Rock chief executive officer Jim Allen and Cheap Trick guitarist Rick Nielsen will host an invitation-only announcement at noon on Tuesday at the site of Rockford’s former Clock Tower Resort.
The location is believed to be a front-runner in the race for the Rockford casino licence.
Hard Rock said it would not reveal details about their Hard Rock Casino Rockford proposal before the event, Casino News Daily reports.
The construction of a casino in Rockford is projected to generate 600 temporary and about 900 permanent jobs.
The property is expected to contribute between $4 million and $8 million a year in tax revenue for the city.
Commenting on the upcoming announcement, Rockford Mayor Tom McNamara said in a statement last Friday that the city is not endorsing the hard Rock Casino proposal, and that no site has been selected at the time.
Hard Rock’s proposal will be the first one received by the city after it issued on July 3 a request for casino proposals.
Responses to the request can be submitted by August 16.
Rockford published its request for proposals just days after Illinois’ gambling expansion bill took effect.
As mentioned above, interested developers will be able to submit their responses until mid-August.
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