REBusinessOnline

$700 MILLION HARD ROCK HOTEL & CASINO PROJECT COMES TO A HALT

KANSAS CITY, KAN. — Kansas Entertainment LLC has temporarily pulled the plug on its $700 million Hard Rock Hotel & Casino Project, which was expected to be located in Kansas City. The 50/50 joint venture between Kansas Speedway Development Corp. — a wholly owned International Speedway Corp. subsidiary — and The Cordish Company has withdrawn its application for Lottery Gaming Facility Manager for the Northeast Kansas Gaming zone. Although the joint venture was willing to move forward with its $400 million casino and dining and entertainment venues, the remaining hotel, convention facilities and additional entertainment components would need to be developed in subsequent phases. Because a phased development plan was not included in the existing agreement, the joint venture was forced to withdraw, with plans to re-apply upon the re-opening of bidding for the zone. The joint venture cites financing constraints as the reason for a phased plan. Initial plans for the final facility called for a 300-room luxury hotel; a state-of-the-art casino; 275,000 square feet of retail, dining and entertainment space, including a live music venue; and meeting and convention components.

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