Atlantic City’s Failed Revel Casino Sells for $200 Million

Bloomberg

Revel, the failed $2.4 billion casino in Atlantic City, New Jersey, sold for $200 million. Bloomberg

Skift Take: Atlantic City continues to be the reigning basket case of East Coast tourist towns. It seems as though the road to saving this destination isn’t paved with more gambling.

— Sarah Enelow

Revel, the failed $2.4 billion casino in Atlantic City, New Jersey, built as a high-end playground for Wall Street bankers, sold for $200 million to a Colorado developer who plans to reopen it under the name Ocean Resort Casino.

The Revel opened in 2012 as the tallest building in the seashore town with Beyoncé as its headliner. It closed two years later after two trips to bankruptcy court, and a judge allowed Florida developer Glenn Straub to buy the property for $82 million in 2016.

Bruce Deifik, founder of Denver-based Integrated Properties, on Monday confirmed he bought the casino from Straub. Deifik said the 1,400-room property would open by summer, creating as many as 3,000 local jobs. In a nod to prior criticisms of the property as well as to attract new customers, Deifik said he planned to add an Asian noodle bar and a high-end players’ club.

JPMorgan Chase & Co. provided financing for the deal, Jordan Deifik, chief operating officer of Integrated Properties, said in an interview.

Atlantic City, which relies mostly on low-rolling day trippers, has been crushed in recent years by the expansion of gambling in neighboring states and many of the city’s casinos have shuttered.

–With assistance from Jeannine Amodeo

 

©2018 Bloomberg L.P.

This article was written by Christopher Palmeri from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

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