The former Revel Casino Resort in Atlantic City, New Jersey is reported to have been sold to AC OCEAN WALK LLC, a group headed up by Colorado investor Bruce Deifik. The deal is rumoured to have been struck for the tidy amount of $200 million and is expected to create a welcome 2,500 new jobs in the resort from summer 2018.
According to The Press Of Atlantic City, there are plans in the works for Deifik, also president and CEO of Integrated Properties Inc., to refurbish and rebrand the boardwalk property. Deifik said of the purchase in a statement:
“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. 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 new name for the property will be ‘Ocean Resort Casino’ and it is expected to open its doors this summer. The casino will include a colossal 138,000 square feet of premium gaming space with 2,200 slot machines and 100 table games.
Ocean Resort Casino will also reportedly keep 165,000 square feet of meeting space alongside the 5,700 seat concert hall with room for possible expansion. The property also plans for a “best in market” sportsbook, which will be included if the U.S. Supreme Court overturns the federal sports betting ban.
Having plans for a sportsbook is by no means exclusive to the owners of Ocean Resort Casino, as it was recently confirmed that MGM are building the Garden State’s first of its kind with an estimated cost of $7 million. This was the first indication that many of New Jersey’s key players are convinced the Supreme Court will rule in their favour, and Deifik’s mirrored plans seem to consolidate this message.
Glenn Straub, who bought the $2.4 billion casino in August 2015 for $82 million, originally denied that there was a deal being worked on for the Atlantic City casino. However, on Monday, Straub changed his tune, and he confirmed that a deal for the property was closed on January 4th.
The Press of Atlantic City, also reported Straub had purchased the property to rebrand and refurbish himself, but he claimed that New Jersey’s anti-business climate made it impossible to do so:
“I hope the newly elected governor, and Atlantic City officials, will reject the anti-business and anti-job creation attitude of the prior governor.”
Deifik’s Integrated Properties was set up in April 1990 to hand acquisition, development, asset management and more. With the group having already submitted a casino license application with the state Division Gaming Enforcement, the man behind the purchase is adamant that Atlantic City is returning to its former glory:
“Atlantic City is coming back with a vengeance, and with the groundwork for the legalization of sports betting, we foresee a great opportunity to bring a state-of-the-art sports book to a city, which caters to a large and diverse sports market.”