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The Revel Casino sold for $200 Million

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New Jersey – Recently, various media reports have been speculating and forecasting the re-opening of the Revel Casino as part of Atlantic City’s New Year resolutions. Just this week, the failing casino was sold for $200 million. The property might open this summer under a new name.

The revel casino sold for $200 million

The Revel Casino Buyer announces Plans for New Casino

The unsuccessful $2.4 billion Revel Casino in Atlantic City was sold for $200 million recently. On Monday, Bruce Deifik, who is the founder of the Integrated Properties in Denver, confirmed he bought the casino from Florida developer, Glenn Straub. Deifik said that he plans to reopen the casino under the name Ocean Resort Casino – this coming summer. The property with 1,400 rooms is expected to create as many as 3 000 jobs locally.

Deifik’s other plans for the casino is to add a high-end players’ club and an Asian noodle bar to attract new customers.

The Fall of the Revel

Established in 2012, the Revel Casino underwent bankruptcy two times on the run and was closed two years later.

In 2016, a judge ruled for Straub to acquire the property for a whopping $82 million.  Prior to the acquisition, the Revel was landmarked the tallest building in the seashore and saw top American artists such as Beyoncé as its headliner.

Two Casinos for A.C

If the Ocean Resort Casino opens this summer, then truly 2018 was tailored for Atlantic City. Not so long ago, Hard Rock Hotel and Casino announced that it would be re-imagining the Trump Taj Mahal into a world-class resort, Hard Rock Atlantic City, creating over 1 000 construction jobs and 3 000 permanent jobs.

What this means is that A.C will be benefiting from two newly established casinos. If both casinos are successful, there will be a major boost in gambling revenue and thousands of local residents in Atlantic City will have new jobs.

JPMorgan Chase & Co. is responsible for funding the soon to be Ocean Resort Casino deal.