Failed Revel Casino in Atlantic City Sold; To Undergo Revival
The Revel Casino in Atlantic Casino, which closed its doors due to business failure, has now been sold. The sale will lead to a revival of the casino under a new name.
Bruce Deifik is the man behind the purchase. He is reported to have bought the casino from former owner Glenn Straub for $200 million. Deifik hopes to reopen the casino sometime in early 2018.
In fact, it is believed that he is targeting the same launch date as that of the Trump Taj Mahal, which is located close by.
The Revel will likely be re-christened as the Ocean Resort Casino. A dream come true? According to Deifik, the purchase has been a dream come true.
However, enough skepticism surrounds Deifik’s plans. Since the Revel Casino shut down in the first place due to market saturation, there is a belief that reintroducing the same would lead to identical conditions, especially with the Trump Taj Mahal coming up as well.
The sale was completed towards the end of last week. The casino originally cost $2.4 billion to construct but managed to keep its doors open only for a couple of years, even failing to report a profit.
Undeterred Deifik, however, remains optimistic. In a recent interaction with the media, he stated that he was “excited” to receive the opportunity at a time when the city is doing well economically.
He justified his purchase citing that Revel failed only because it did not open at the right time. Atlantic City, back then, was still in its stage of economic recovery.
Deifik also mentioned that the casino did not understand its customer base, which also played a role in its failure.
The updated casino will retain most of the original structure except for the addition of a new sportsbook facility. However, this is dependent on the US Supreme Court legalizing sports betting.
It will employ around 3000 people and house almost 1,400 rooms. The gambling area will boast 2,200 slot machines and 100 table games.
A few of the original restaurants will also be returning, especially the popular ones. They will be joined by a handful of new options as well, including a noodle bar. Deifik also aims to launch a high-end player’s club eventually.
Deifik is the CEO and President of Integrated Properties. His firm already owns several commercial properties in 5 different states. This includes the famous Hyatt Grand Champions Resort in Palm Springs, California.