Posted on: February 28, 2024, 10:45h.
Last updated on: February 28, 2024, 11:06h.
Hard Rock Hotel & Casino Atlantic City is again thanking its thousands of team members for another successful year.
The Boardwalk casino resort owned and operated by Hard Rock International, a fully owned subsidiary of the Seminole Tribe of Florida, announced $10 million in bonuses for its Atlantic City workforce on Tuesday night. Hard Rock International Chair Jim Allen revealed the financial awards during the property’s internal Town Hall gathering.
Hard Rock Atlantic City team members are the key to our success in the market, and we are honored to recognize them and their hard work,” said Allen.
Thousands of union and nonunion employees across numerous job classifications are receiving a piece of the $10 million pie. As of January 2024, its most recently filed labor report, Hard Rock Atlantic City told the New Jersey Division of Gaming Enforcement that the property employed 3,482 people, with 2,464 of those jobs full-time positions.
“We witness our team members’ unwavering dedication to providing superior service every day, and it is truly inspiring,” added Hard Rock Atlantic City President George Goldhoff.
Along with their bonuses, team members who attended the town hall had a chance to win a share of $100K in cash and prizes.
Sharing Revenue Uptick
Hard Rock opened in Atlantic City in June 2018 following a renovation of the former Trump Taj Mahal that reportedly cost upwards of $500 million. Hard Rock acquired the shuttered property in March 2017 for just $50 million from Carl Icahn.
Despite a crowded market — Hard Rock’s June 27, 2018, opening coinciding with Ocean Casino’s debut — the Seminoles’ investment is paying off.
Hard Rock’s brick-and-mortar casino revenue has grown each year since its opening, aside from in pandemic-stricken 2020. Gross gaming revenue (GGR) from physical slots and tables at the boardwalk destination has grown from $324 million in 2019 to $431.1 million in 2021 to $492.3 million in 2022, and to $512.4 million last year.
Hard Rock has managed to gain market share from other Atlantic City properties, most notably Borgata.
The gaming market share gains have led to revenue increases throughout the resort. Hard Rock reported a gross operating profit of $97 million through three quarters of 2023. Gross profits reflect earnings before interest, taxes, depreciation, amortization, and affiliate charges.
Hard Rock’s profit in 2022 was $128 million and $106.9 million in 2021. Though inflation is slightly eating into the casino’s 2023 profits, the company remains pleased with its Atlantic City business performance.
Hard Rock Means Luxury in AC
Borgata long dominated Atlantic City as the go-to destination for luxury seekers. Hard Rock and neighboring Ocean have managed to eat into Borgata’s dominance in the VIP/high-roller market.
Of the nearly 10K Google reviews of the casino hotel, Hard Rock Atlantic City guests give the property high marks for room condition, cleanliness, service, atmosphere, dining options, and nightlife.
I felt so welcomed, I felt loved,” said a review posted this week. “I felt seen at Hard Rock. The music and the energy were spot on.”
Hard Rock has a history of sharing its fortunes with the team members who make it all possible. Along with annual bonuses awarded in Atlantic City each year since its 2018 opening, Hard Rock International announced in 2022 it would set aside $100 million to increase pay for nontipped employees across its portfolio of casinos, restaurants, and resorts.
