Ocean Resorts Casino in Atlantic City has reportedly been sold to a new owner. The announcement was made earlier in January. However, at this time, it is not known who the new owner of the casino property is. The current owner of the property is selling it less than six months after he reopened the casino resort.
Ocean Resorts Performance
Ocean Resorts Casino is currently owned by Bruce Deifik. Less than six months ago it reopened, on the same day as Hard Rock Atlantic City. Formally known as Revel, it was rebranded and repositioned in the market, aiming to be a more family orientated location. The property originally cost $2.4 billion to build, but closed in 2014. Its closure occurred just over two years after opening.
Since reopening, the New Jersey Division of Gaming Enforcement (DGE) has released data that shows Ocean Resorts is controlling just 5.6% of the Atlantic City casino market. Original projections from Deifik’s team said the casino would make$384 million in gross gambling revenue during its first 12 months. However, by the end of 2018, it had made just $101.1 million. Out of the nine casinos in the city, Ocean Resorts earned the least from gambling in December, making just $14 million. Borgata earned the most, with $62.6 million.
The new owners, if approved by the DGE, will reportedly spend $70 million on upgrading and renovating the property. The DGE and New Jersey Casino Control Commission will soon need to review the buyers gaming licence application though. Hopefully, when this happens, the new buyer will be revealed.
Rocky Start for Current Owner
When buying the Revel, Deifik reportedly never visited the property before purchasing it for $229 million. However, since opening, things haven’t gone smoothly for the owner. A former night club manager is suing Deifik, claiming that he never lived up to his legal fiscal responsibilities. The former nightclub manager is claiming that he is owed $10 million in damages and has also made claims that Deifik acted inappropriately with female workers.
It has been reported that a female employee at the nightclub felt uncomfortable when Deifik repeatedly invited her and her friends up to his presidential suite to see the great view. She also didn’t like the uncomfortably long and heavy hugs made by Deifik.