Atlantic City Casino Sold For $200 Million, Expected To Reopen Summer 2018

AP Photo – Revel Casino

The Revel Hotel and Casino in Atlantic City, N.J., has been sold to a Colorado developer for $200 million.

AC Ocean Walk is expected to reopen the hotel as the rebranded Ocean Resort Casino in summer 2018, according to the Washington Post. Integrated Properties, a Denver-based development company, is the principal owner of AC Ocean Walk.

The Revel has become known as one of Atlantic City’s biggest failures. The $2.4 billion casino opened in 2012, but never turned a profit, sustaining an operating loss of $185 million in 2013. The casino hotel filed for bankruptcy twice before permanently closing in September 2014.

Florida Developer Glenn Straub, who bought the casino from bankruptcy court for $82 million, sold the casino to AC Ocean Walk after he reportedly became frustrated at an “anti-business climate” in New Jersey.The 1,399-room casino hotel located on the Atlantic City Boardwalk is excepted to provide between 2,500 and 3,000 jobs once it reopens, AC Ocean Walk said in a statement. It will have 138,000 square feet in gaming space, with 100 table games and 2,200 slot machines.

“The former Revel property opened at a time when Atlantic City was still in economic recovery and operationally it just did not cater to the customer base for this destination,” Bruce Deifik, chairman of AC Ocean Walk, said in a statement. “However, given the extraordinary quality and investment made during its development, the new ‘Ocean’ will represent one of the finest hotel, casino properties in existence today in an improving market that has demonstrated strength and resilience.”

The casino will keep its 165,000 square feet in meeting and convention space.

The casino is also expected to reopen along with its 5,700-capacity Ovation Hall, which hosted near sell-out shows by ZZ Top, Barry Manilow, Journey and The Black Keys when it was originally open. The venue sold an average of 3,201 tickets per show for a typical gross of $331,366, according to Pollstar box office reports.

The former Revel also included the 4,300-capacity HQ Nightclub, where artists such as Steve Aoki, Benny Benassi and Chromeo played, though the only concert reported to Pollstar was a sold-out Tiësto set in 2014. It is unclear if the club will reopen with the Ocean Resort Casino.

Pollstar reached out to AC Ocean Walk for comment.