"AC Gateway LLC said Wednesday it is not proceeding with a casino-hotel on the south end of the beach that could have included a musical history museum with items from when the Beatles and Rolling Stones separately played Atlantic City. It cited the economy and Atlantic City's struggling casino market."
Which is totally reasonable, considering that even Revel—which had all of AC's hopes riding on its success—has reportedly struggled to keep its numbers up despite a strong debut over Memorial Day Weekend with Beyonce at the helm.
In case you forgot, the planned Hard Rock was going to make use of a new law passed allowing smaller, "boutique" casino hotels to be built. The previous law required new hotels to contain at least 500 rooms, but under the new model, that minimum was lowered to just 200.
What's more, Atlantic City still thinks it can lure another developer into the site, with state Senator James Whelan telling Bloomberg:
"We're disappointed, but this was not totally unexpected with the market conditions in Atlantic City and the overall state of the economy. Hopefully Hard Rock or someone else will take a look at this model in the future"
...to be continued!
[Photo: brianstowell / Flickr]