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Trump ends Rank talks
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December 2, 1996: 11:37 a.m. ET
Casino theme change still on tap for Trump Castle in summer 1997
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NEW YORK (CNNfn) - Trump Hotels & Casino Resorts Inc. said Monday it cut off talks with the Rank Group PLC to purchase a stake in and to change the theme of Trump's Castle in Atlantic City, N.J.
Trump and Rank had been in talks for Rank to invest $50 million to retheme Trump Castle into a Hard Rock Casino Hotel.
Trump keeps exclusive, long-term restrictive contracts for theme restaurants, entertainment venues or casinos by Hard Rock Café International in Atlantic City, the company said in a statement. Trump also retains the covenants for Hard Rock's affiliates or subsidiaries in the area.
The contracts were included in the agreement that established the Hard Rock Café and merchandise store in the Trump Taj Mahal in Atlantic City.
Trump said that along with the Rank talks, it has looked into alternate retheming agreements for Trump's Castle. The company expects to complete the theme change in time for the 1997 summer casino season, and said it will announce plans soon.
Rank -- an operator of leisure and entertainment facilities throughout the United Kingdom and elsewhere including the United States -- acquired the Hard Rock interests originally owned by the Tigrett organization in 1990.
In June, Rank acquired Peter Morton's Hard Rock America for $410 million in cash in a deal that brought the restaurant chain together under a single entity -- a move that expand Rank's Hard Rock Café International chain to 58 restaurants worldwide.
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Trump Taj Mahal
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