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NEWS 10 January 2018

Revel Casino sold for $200m although owner denies purchase

By Caroline Watson
The shuttered Revel Casino Resort has been sold for $200m to AC OCEAN WALK, a group led by Colorado-based investor, Bruce Deifik.

The property will reopen during the summer of 2018 as the Ocean Resort Casino, around the same time as the newly-revamped Hard Rock property on the former Trump Taj Mahal Casino Resort site.

In a statement, Deifik said: “We are incredibly excited that we were able to take advantage of the opportunity to acquire this tremendous property at a time when Atlantic City is seeing great economic strides.

“Now the city has a number of exciting new projects with our property and the Hard Rock, as well as Stockton University’s new campus and the expansion of the medical centre.”

He has big plans for the casino, such as reopening restaurants that were once popular at Revel in addition to a number of new amenities.

When reopened, the former Revel property will feature 138,000 square feet of gaming space, featuring 100 table games and 2,200 slot machines, and there are plans for a “best in market” sports book, if a federal sports betting ban is overturned by the US Supreme Court.

When the casino originally opened back in 2012, its results during the first month ranked it near the bottom of Atlantic City’s 12 casinos, a position it would continue to hold for its two-year existence.

It went bankrupt twice, and shut down in September 2014, a little more than two years after opening, unfortunately never having come close to turning a profit.

Since closing in 2014, previous owner, Glenn Straub who bought the property back in 2015 for $82m in bankruptcy court, has denied any deal to purchase the property was in the works and insists that he still hasn’t sold the property to anyone.
RELATED TAGS: Land-Based | Industry | Legal & Regulatory | Financial | Casino
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