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Jeff Gural’s Meadowlands Racetrack and Hard Rock International Plan Casino in New Jersey

The entertainment destination hopes to generate $400 Million in annual tax revenue

Jeff Gural

New York-based real estate developer Jeff Gural, who runs the landmark Meadowlands Racetrack in East Rutherford, New Jersey, has teamed up with Hard Rock International to open a Casino at his Meadowlands property. The Hard Rock Casino will feature 5, 000 slot machines and 200 gaming tables. The location will also house 10 restaurants and 4 bars, as well as a Hard Rock museum.

Hard Rock International is upbeat about the prospects of opening a brand new casino in New Jersey. Citing a study, the company claims that a new casino in New Jersey could attract visitors from neighboring states, competing with locations such as New York and Pennsylvania, who have reportedly taken away more than $13 billion in revenue from New Jersey in the last eight years.

“With its close proximity to an international airport, the new casino would be designed to attract visitors from not only the 14 million adults in northern New Jersey and New York City, but also international travellers, making it a premier entertainment destination, ” Chairman of Hard Rock International Jim Allen was quoted in a press statement. “The significant tax revenue brought into New Jersey could go directly to aid in the development and reconstruction of Atlantic City’s casino and hotel industry.”

Hard Rock International presently operates 10 casinos worldwide. An internationally recognized brand, the company has presence in about 200 venues in 64 countries that include 21 hotels and more than 150 cafes.

In 2012, Jeff Gural who is also the Chairman of the Newmark & Company, invested more than $100 million in building the new grandstand at Meadowlands Racetrack. 72 year-old businessman serves on the Board of many prominent institutions, including Real Estate Board of New York, UJA Federation, as well as the Jewish Community Center of the Upper West Side.

The project also involved building retail shops and a six-story parking garage. Phase One of the project is expected to open in mid-2016. The entertainment destination hopes to generate up to $400 million in annual tax revenues and the project remains subject to approval from the New Jersey Legislature.

1 Comment

1 Comment

  1. Steve Norton

    June 6, 2015 at 1:54 am

    Certainly a North Jersey casino will take some gaming
    win from Atlantic City, but if a reasonable share of the new tax revenue goes to
    AC, we could be better off. A North Jersey casino will have twice the impact on
    Eastern Pennsylvania and New York operations, than AC. So the key is to get a
    meaningful share of the new casino taxes, and use some of it to subsidize air
    service into AC International. Like Las Vegas, AC needs to fill its rooms
    mid-week, off season at full rack rates.
    With
    air connections, we could actually expect to compete with metro cities in the
    East, for city wide conventions, trade shows, corporate meetings and association
    events. These groups hold their events primarily mid-week in the off season; and
    since our metro competition has business travelers raising mid-week room rates,
    we can compete favorably. We also have plenty of convention space and 20,000
    rooms (in closed properties are available) close to each other, with superior
    restaurant options and entertainment. But we must remember that the groups that
    fill many rooms, have attendees and exhibitors from all over North America. And
    the individual isn’t paying for his rooms, meals or transportation, so he wants
    to travel by air, and not into Philadelphia International.
    The
    slot tax share for Atlantic City could exceed the drop in AC casino win, and far
    exceed the 25% to 30%
    of
    casino EBITDA, after deducting so much that is given away in comps and free play.

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