Published on: October 1, 2024, 12:35h.
Last updated on: October 1, 2024, 12:36h.
Hard Rock Casino Rockford in Illinois officially launched in late August with an array of gaming options, including 1,300 slot machines, 50 live dealer table games, a sportsbook, and a dedicated poker room.
Managed by Hard Rock International, a subsidiary of the Seminole Tribe of Florida, the casino has already shown promising results. The City of Rockford anticipates receiving $7 million in its first year from the casino’s operations.
Plans are in place for the allocation of the casino tax revenue, including funding college scholarships, supporting the police and fire departments, and aiding at-risk neighborhoods. A decision on these disbursements is expected from the Rockford City Council in the near future.
One concern is the impact of the Hard Rock Casino on existing entertainment venues in the area, such as the city-owned Coronado Theatre and BMO Center.
Casino Competition
The Rockford Area Venues & Entertainment Authority (RAVE) oversees venues like the Coronado and BMO Arena. RAVE hosted 156 events in its 2024 fiscal year, generating $4.4 million in revenue and delivering a surplus of $359K to the local government.
With the opening of Hard Rock Casino and the diversion of concerts and events, RAVE projects a revenue loss of $730K in the next fiscal year and an operating loss of $318K.
RAVE officials are concerned about losing events to Hard Rock, but anticipate that larger shows will still be hosted at their own arena due to the audience size. Hard Rock’s President aims to collaborate with existing venues to establish Rockford as an entertainment hub.
Hotel Partner
Despite the competition for events, Hard Rock’s decision not to include a hotel benefits nearby accommodation options.
Instead of on-site lodging, the casino has partnerships with nearby hotels like Radisson, Hilton Garden Inn, Marriott Courtyard, and Hampton. Each hotel is conveniently located less than a half-mile from the casino.
The physical property of Hard Rock Casino Rockford is owned by Gaming & Leisure Properties, a real estate investment trust controlled by Penn Entertainment. The property was acquired from 815 Entertainment in August 2023 for $100 million.
The Seminole Tribe, Rick Nielsen, and others are part of a 99-year lease agreement with 815 Entertainment, with an initial rent of $8 million and a 2% annual increase. They also retain the operating profits from the casino.