Atlantic City’s failed Revel Hotel and Casino finally has a buyer and could be back in business in a matter of months.
The Revel will reopen as Ocean Resort Casino after developer Glenn Straub sold the property to Bruce Deifik, founder of Denver-based Integrated Properties.
It will reopen by the summer with up to 3,000 local jobs promised.
Refurbishment work will cost about $175 million and will begin straight away.
Referring to its troubled history, the Revel ‘just did not cater to the customer base for this destination,’ Deifik said.
“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.”
It will have 1,399 rooms and will consist of 138,000 square feet of gaming space.
The business will also operate the integrated convention center and concert hall.
The $2.4b Revel opened in 2012 but almost immediately ran into trouble and entered bankruptcy twice before finally shuttering in 2014.
The new Ocean Resort Casino will face competition from the upcoming Hard Rock casino hotel which is slated to open around the same time on the site of the former Trump Taj Mahal casino resort.
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