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.
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 LatAm 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.
Hard Rock’s Second Guitar-Shaped Resort
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 indeed 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. 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 from throughout the country and around the world and to “put South Florida on the map as a world-class gaming destination.”
Hard Rock’s Athens Casino Bid
It also emerged last week that Hard Rock has submitted a bid to build a €1 billion casino resort at the site of the former Ellinikon International Airport near Athens, Greece. The resort will be part of a larger €8 billion complex dubbed Hellinikon.
After multiple delays, the Greek government is expected to announce the winning bid for the casino portion of the Hellinikon resort by the end of September. Aside from Hard Rock, US-based gaming and hospitality operator Mohegan Gaming & Entertainment has too expressed interest in participating in the casino license race.
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