Atlantic City's Revel Casino Sells For $200M
The doors of Atlantic City's most expensive casino, Revel, have been shuttered since September 2014. Finally, a buyer has arrived with plans to reopen the property. Bruce Deifik, founder of Integrated Properties in Dember, confirmed on Monday that he purchased the Revel for $200 million.
The Revel cost $2.4 billion to construct when it was built back in 2012. Its luxury positioning and financial issues contributed to its short two-year run in operations. The property has already been through two bankruptcies, two owners, and multiple attempts to reopen.
None of that matters to Deifik, who plans to reopen the casino by summer under the new name, Ocean Resort Casino. Deifik wants to include the former Revel in Atlantic City's revival, noting that the casino's reopening comes at a time when the city is taking “great economic strides.”
If Deifik can meet his goal of having the former Revel ready to reopen by summer, it will be timed perfectly with the opening of the Hard Rock Hotel and Casino Atlantic City, which is now coming together in what was the former Trump Taj Mahal Casino. In the coming year, the city will also gain a new Stockton University campus and an expanded medical center.
Deifik purchased the former Revel from Florida developer Glenn Straub, who has held the property for nearly three years with no intention of obtaining a casino operating license from the state. Straub's company, Polo North Country Club, purchased the Revel through a bankruptcy auction for $82 million in April 2015.