ATLANTIC CITY. N.J.

Hard Rock International unveiled plans to purchase the former Trump Taj Mahal in Atlantic City and open the Hard Rock Hotel & Casino Atlantic City in its place. Hard Rock and its partners announced on March 2 that they had reached a definitive agreement to purchase the property with a subsidiary of investor Carl Icahn.

Hard Rock International will be majority owner of the rebranded Hard Rock Hotel & Casino Atlantic City in partnership with the Morris and Jingoli families. The group said it will invest more than $300 million to purchase, substantially renovate and reopen the casino, located on 17-acres of boardwalk real estate.

"We are excited to be part of this revitalization of Atlantic City creating thousands of jobs to help local employment," said Jim Allen, chairman of Hard Rock International. "We are 100 percent convinced Hard Rock Hotel & Casino Atlantic City will be a success."

The partnership will transform the existing Taj Mahal with a complete remodel and rebrand of the property, offering guest rooms with views of the city and ocean in the iconic Atlantic City building.

From renovation to completion, it is expected that the new Hard Rock Hotel & Casino will create over 3,000 jobs for Atlantic City and provide an ongoing and significant impact to the local economy.