Hard Rock’s Global Expansion: From Europe to the Vegas Strip
Hard Rock International, known for its corporate aspirations and over 200 locations across 77 countries, aims for increased brand visibility in the gaming sector. Despite this, the company currently operates only two casinos outside the United States. Hard Rock Chairman Jim Allen and Asia CEO Ed Tracy shared with iGaming Business that the situation is set to change, albeit not at lightning speed.
In addition to constructing its first gaming venue outside North America, Hard Rock is progressing steadily with its second guitar-themed hotel on the renowned Vegas Strip, alongside plans for a potential US$8 billion integrated resort in New York City. Furthermore, they are pursuing international projects across multiple continents.
Tax Regulations and Developments
In Europe, Hard Rock holds a gaming license in Barcelona, yet its progress has stalled due to political challenges in Catalonia. Recent legislative changes have raised taxes on gaming operations significantly, prompting Allen to indicate that the company’s decision to move forward with Hard Rock Barcelona would depend on these tax outcomes.
In London, Hard Rock acquired a casino license from the Ritz Club following its closure. Allen revealed interest in pursuing various potential locations. Meanwhile, negotiations to manage the casino at Mexico City’s Hippodrome convention complex are ongoing, with support from local government figures.
Focus on the Japanese Market
Tracy, who joined Hard Rock in 2017, emphasized Japan as the company’s primary focus in Asia, despite exploring other Southeast Asian options. He noted, “Customer accessibility and the regulatory environment are pivotal.” Moreover, they are keeping a keen eye on developments in Thailand but have yet to identify suitable legislative frameworks for investment.
Hard Rock aims to protect its investment-grade ratings from S&P and Fitch, leveraging its strong financial standing to secure favorable borrowing terms. This financial strategy enables continued reinvestment into the brand and business growth, a priority for Allen.
Ambitious Projects in the U.S.
The upcoming Hard Rock Las Vegas hotel, featuring a striking 700-foot guitar-shaped structure, serves as a centerpiece for a major $4 billion development. Allen highlighted the need for a top-tier offering on the Strip to compete effectively among premier hotels and casinos. Additionally, Hard Rock Tejon, located not far from Los Angeles, is set to open, further expanding the brand’s footprint in California.
Meanwhile, Hard Rock’s original Guitar Hotel in Hollywood, Florida, is already a success, boasting a vibrant atmosphere, extensive gaming options, and a variety of dining experiences. The venue’s strategic development speaks to Hard Rock’s commitment to diversifying offerings while appealing to a broad market spectrum.
Creating Unique Experiences
With Hard Rock Bet recently launching live and online sports betting in Florida, Allen emphasized the company’s strong position in the sports and casino integration market, aiming to enhance experiences for customers across the board. Partnerships in sports, notably with teams like the Miami Dolphins and the New York Mets, further bolster this initiative.
As Hard Rock continues to grow and innovate in the gaming sector, it remains dedicated to showcasing its creativity and commitment to high-quality service, believing that its global presence across numerous markets places it in an advantageous position within the industry.
