On Wednesday, officials from Hard Rock International announced that the company will purchase the Trump Taj Mahal Casino Resort in Atlantic City, New Jersey.

According to the Press of Atlantic City, investor Carl Icahn said the former Trump Taj Mahal will be purchased and renovated for an estimated cost of $300 million and will be rebranded as the Hard Rock Hotel & Casino Atlantic City.

As part of the project, 3,000 temporary and permanent jobs are expected to be created.

Atlantic City Mayor Don Guardian announced that the city expects the new Hard Rock Hotel & Casino to open during the summer of 2018.

Icahn, who also owns the Tropicana Atlantic City and Trump Plaza, said that he wishes Hard Rock and its partners the best of luck with the former Taj Mahal and that the sale is subject to customary closing conditions.

In addition to officials from Hard Rock International, the Jingoli and Morris families are also investors in the project.

"We're excited to be part of such an important project for Atlantic City." Joseph and Michael Jingoli said in a statement.

"This project is led by a proven leader in gaming, brings hundreds of millions in new investment, creates hundreds of construction positions, countless positions within the Hard Rock Hotel and will bring thousands and thousands of new visitors to this great city."

[READMORE] READ MORE: "Trump Taj Mahal Officially Closes After 26 Years on Atlantic City Boardwalk" [/READMORE]

"There is no doubt that this purchase was encouraged by our efforts to stabilize the finances of the city government," New Jersey governor Chris Christie said in a statement. "Businesses now know that the years of irresponsible spending and taxing by the city government are over and they are ready to once again invest in Atlantic City."

The Trump Taj Mahal officially closed its doors for good 26 years after Donald Trump opened it on the Atlantic City boardwalk. The closure came after officials couldn't come to an agreement with union workers about health care and pension benefits.

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