A Colorado developer intends to reopen the defunct Revel Casino & Resort this summer under the new name, Ocean Resort Casino, according to an Associated Press report that confirms the $200 million sale.
The deal has reportedly been in the works for months, though Glenn Straub’s sale of the vacant Atlantic City boardwalk property to Bruce Deifek, who called the purchase “a dream come true” was finalized on Thursday, the AP said, writes Alison Burdo in the Philadelphia Business Journal.
A Moody’s Investors Service report issued last month indicated Deifek planned to spend another $175 millionupdating the former Revel, which closed in 2014 after just two years open. Moody’s also revealed the hotel would have nearly 1,400 rooms, while the casino will boast “100 gaming tables, 2,000 slot machines,” among other amenities.
Aside from the name change, Deifek, of Denver-based Integrated Properties Inc., has some other changes in mind for the casino.
The Revel cost more than $2 billion to build, yet struggled to draw the upmarket crowds it aimed to attract following its 2012 opening. It closed in fall 2014 amid bankruptcy.
Florida-based developer Glenn Straub acquired the property out of bankruptcy court for about $82 million, marking the start of a turbulent period of ownership for what was once slated to be a marquee piece of the Shore town. Throughout the three years the Revel fell under Straub, the real estate developer repeatedly set and missed self-imposed deadlines for reopening the casino, battled with regulators over the need for licenses and permits, and attempted to rebrand Revel as TEN.
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