Long Dormant Revel Casino in Atlantic City Sold
Atlantic City’s Revel Casino, which has been closed since September 2014, has been sold. Bruce Deifik, the founder of Integrated Properties in Denver, confirmed Monday that he purchased the ill-conceived property for $200 million through his business AC OCEAN WALK from Florida developer Glenn Straub.
The Revel was designed to be a luxury casino property to rival the Borgata. It cost a staggering $2.4 billion to build and opened in April 2012. It never made a profit and closed about two and a half years later, the third of four Atlantic City casinos to shutter its doors that year.
The casino was a failure from the start, as financial problems caused construction to be halted more than once. It bled money from the moment it opened, couldn’t pay its property taxes, couldn’t pay contractors, couldn’t repay loans, and went into bankruptcy twice.
In August 2014, Revel announced that if it did not receive any acceptable bids to purchase the casino, it would close by September 1st. It closed one day after that.
On October 1st, 2014, Brookfield US Holdings won a bankruptcy auction for the Revel, bidding $110 million. This angered Glenn Straub, who felt some funny business was going on when the auction was delayed from the previous week even though all parties were present. The Press of Atlantic City reported that Revel executives held closed-door meetings to discuss offers, which raised the suspicion of Straub.
Straub’s company, Polo North Country club, had bid $95.4 million, a bid which was used as a backup in case the sale to Brookfield fell through. As it turned out, the sale did fall through and in January 2015, a bankruptcy judge approved the sale to Straub. In February, though, Revel cancelled the Straub deal and then in April engaged in talks once again with Straub, eventually agreed to sell him the casino for only $82 million.
In June 2016, Straub said he was going to reopen the resort with just a small casino and lots of entertainment facilities like a water park, an e-sports lounge, and an equestrian facility. In September of that year, the property was renamed TEN, but in the end, it never reopened.
Bruce Deifik, though, has said he will re-open the property this summer with a new name, Ocean Resort Casino.
“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,” Deifik said in a statement. “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 center.”
The Hard Rock that Deifik mentioned is the former Trump Taj Mahal, which closed October 10th, 2016. In March 2017, the Seminole Tribe of Florida purchased the former east coast poker haven and announced it would rebranded the Hard Rock Hotel & Casino Atlantic City.
The post Long Dormant Revel Casino in Atlantic City Sold appeared first on Poker News Daily.