'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,' he said. It cost $2.4 billion to build, yet lasted just over two years before shutting down, never having come close to turning a profit. Revel's sale was finalized Thursday afternoon, during a blizzard, a fitting development for a project with a turbulent history.
The former Revel will be called the Ocean Resort Casino.īut the news raises a sobering question for a gambling resort that only recently regained its equilibrium following the shutdown of five of its 12 casinos: Might the sudden reintroduction of two large casinos create the same conditions that led to the wave of shutdowns in the first place?
He plans to reopen it this summer, around the same time the former Trump Taj Mahal casino will reopen nearby under the Hard Rock brand. Atlantic City's most spectacular casino flop is getting another chance under new ownership and a new name.Ĭolorado developer Bruce Deifik said Monday morning he has purchased Atlantic City's former Revel casino hotel from Florida developer Glenn Straub for $200 million.
