Ocean Resort Casino in Atlantic City is being acquired after just six months of operation.
The new owner will make a $70m investment into the casino, which plans to remain open.
According to the Associated Press, current owner Bruce Deifik would not identify the new company.
He is quoted as saying: “It has been truly an honour for myself and my family to have taken this property, opened its doors and brought back the players, the families, the convention guests and the sports betting enthusiasts.
"My family and I want to thank the 3,000-plus employees at Ocean for their tireless work to bring our property to life and put it on track to become the best gaming property in New Jersey. If approved and closed, this next round of investment into Ocean will put this property on an exciting path to growth."
The property started out as "Revel" but closed in 2014, before being re-opened in June 2018.
The new owner will need to be licensed by the New Jersey Division of Gaming Enforcement and have their identity made public.