Atlantic City's Revel To Reopen This Summer As 'Ocean Resort Casino', New Owner SaysCasino That Closed In 2014 Sold For $200 Million |
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The most expensive casino in Atlantic City history officially has a new owner, about a month after rumors surfaced that it had been sold.
According to a report from Bloomberg, Denver-based Integrated Properties confirmed this week that it has reached a deal to buy Revel for $200 million. It sold for $82 million in 2016 when Florida-based real estate developer Glenn Straub snatched it up.
Revel cost $2.4 billion to build, opening in 2012 and closing in 2014.
Integrated properties reportedly plans to reopen the casino this summer. It will be called Ocean Resort Casino if it once again opens it doors to gamblers. Straub, who complained of the New Jersey licensing process in his efforts to reopen Revel, planned to call it TEN.
According to Moody’s Investors Service, which said last month that the casino had found a new owner, the rebooted casino will have 100 table games and more than 2,000 slots.
Integrated Properties’ bet on Revel comes at a time when Atlantic City is making a modest comeback. Through November, total industry gaming revenue was $2.45 billion, up 2.4 percent year-over-year. However, nearly all of the revenue growth was the result of online gambling. Atlantic City could see a big boost if it’s able to offer legal sports betting in the near future.
“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,” Bruce Deifik, CEO and founder of Integrated Properties, said in a statement. “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.”
A revamped Trump Taj Mahal, soon to be called Hard Rock Hotel & Casino Atlantic City, is expected to take bets again this summer as well.
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