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Revel Casino Sold and Set to Reopen This Summer

Revel Casino Sold and Set to Reopen This Summer

An ownership group led by the Las Vegas property veteran Bruce Deifik has bought the Revel Casino in Atlantic City for $200 million.

The resort, which cost $2.4 billion to build, has been empty since 2014 when it closed due to financial problems after operating for just two-and-a-half years.

Deifik, who is president and chief executive of Properties Inc., will be hoping that they can do more with the property than the developer Glen Straub who bought the casino out of bankruptcy for $82 million in April 2015.

While Straub owned the casino for close to three years, much of that time was spent in legal arguments with the operator of the casino’s specially built power plant. The operator switched off the casino’s electricity until Straub agreed to buy the facility for $30 million. He also battled with the state’s Casino Control Commission over whether he needed to obtain a gaming license of his own to operate the casino.

The new owners will be rebranding the casino as the Ocean Resort Casino and it is expected to open this summer and generate more than 2,500 jobs.

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.”

The reopened venue will feature 138,000 square feet of gaming space, 100 table games, and 2,200 slot machines and there are plans for a sports book depending on the outcome of the state’s court case with the Supreme Court.

The Ocean Resort Casino will also maintain the 165,000 square feet of meeting and convention space as well as the 5,700-seat concert hall.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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