The Hard Rock has had a tough time staying afloat in recent years, but this week it looks like it may be in better shape.
The casino’s board of directors announced plans on Tuesday to raise more than $100 million to buy back and refurbish the Hard Rock.
The $100-million round will go to a private equity firm, a hedge fund and a casino operator.
The group will pay $30 million in cash, the company said in a statement, and the company will use the proceeds to fund “innovative financing strategies.”
The resort is a bit of a relic, having closed in 1997 and reopened in 2016.
It has been the focus of a handful of gambling lawsuits, including one filed by former players, but the casino was never profitable.
The resort’s last two years have been rough.
The hotel, which was shuttered in 2014, has been closed twice in five years.
The company said it will seek to stay open through 2019, and that it hopes to reopen in 2021.
A casino is still under construction at the site of the former Hard Rock, and its fate is unclear.
A new casino at the new Hard Rock was recently approved in Georgia.