After months of speculation and numerous unconfirmed reports, it looks like the Revel Casino in Atlantic City has finally been sold. Earlier this week, a developer from Colorado, Bruce Deifik, announced that his company had bought the Atlantic City property. Despite heavy competition in the city, he is convinced he can turn the Revel into a profitable casino resort.
The Revel Casino in Atlantic City has reportedly been sold for $200 million.
Revel to Become Ocean Resorts Casino
Deifik reportedly paid $200 million for the Revel casino property. He is confident he can turn the Revel into a successful hotel and casino. There are plans to renovate the Revel, and its name will also be changed to Ocean Resorts Casino. Currently, the plan is for the renovated casino resort to open in summer 2018. His company is planning on spending $175 million on renovations, hoping that these changes will make the property successful.
The plans include opening a sportsbook, as Deifik is confident the Supreme Court will overturn Professional and Amateur Sports Protection Act (PASPA). There are also plans to reopen the restaurants that were popular before it closed. Deifik is confident that the new Ocean Resorts Casino will create around 25000 jobs, adding that it will also offer plenty of casino games, including 100 table games and 2200 slots.
Can Atlantic City Sustain Another Casino?
The summer 2018 opening would mean that it opens at the same time as the renovated Hard Rock Atlantic City. Some are worried that having another new casino opening will be bad for the city, as it will jeopardize the profits being generated by the current casinos. The mayor disagrees though and has said that the news about Revel is a positive sign and points towards the economic recovery of the city.
Revel cost $2.4 billion to build and opened in 2012 but struggled to make money. In 2014 it closed and was bought by Glenn Straub for $82 million. Straub has been at odds with Atlantic City officials several times and has had numerous different ideas for what to do with the property. Some of his stranger ideas included a waterpark, condos, a health spa, and an equestrian facility. These ideas were all rejected.
There have also been numerous reports over the last few months about Revel being sold, which Straub had denied. But it seems he has eventually found a buyer, making $118 million on his initial investment.