\u201cThere is a healthy level of profitability when it comes to gross gaming revenues,\u201d Mansfield said. \u201cThe market is in a good spot. The introduction of two [new] properties is not great for Atlantic City.\u201d<\/strong><\/p><\/blockquote>\nAC Mayor Frank Gilliam disagrees, telling the media outlet that this is a positive step in its economic recovery.<\/p>\n
\u201cIt\u2019s like having Christmas in January,\u201d he told POAC<\/em>. \u201cThis is a sign to the market that Atlantic City is well on her way back to the prominence that she once had.\u201d<\/p>\nSCOTUS Ruling Will Be Crucial for Success<\/h2>\n
Deifik, who used to be president and CEO of the Las Vegas-based Greenspun Corporation, said his organization is going to sink $175 million into Ocean Resort Casino, making several changes that should prove to be successful.<\/p>\n
One is the opening of a race and sports book. Deifik is betting the Supreme Court will rule in favor of the state\u2019s case to allow sports betting nationwide and wants to be one of the first to offer it to customers. A decision will be made a few months before the new casino’s debut.<\/p>\n
He also plans to bring back some of the restaurants that were already popular at Revel and add an Asian Noodle eatery. He claims it will create 2,500 to 3,000 jobs, and offer 100 table games and 2,200 slot machines.<\/p>\n
Failure to Thrive<\/h2>\n
When the $2.4 billion Revel opened in 2012, it was billed as the “anti-Atlantic City” resort, going after high-end, nonsmoking customers in a market that usually attracted nicotine-dependent day-tripping seniors. But the plan never really took off, as Revel executives struggled to get the desired demographic through the casino’s doors. The property consistently landed at the bottom of AC casino resort gross gaming revenues. It went bankrupt twice and then two years later, closed its doors for good.<\/p>\n
Florida billionaire real estate developer Glenn Straub bought it for $82 million and had grand, if somewhat eclectic, designs for the property. He initially was going to forego a casino and open a water park. Then he said he wanted condominiums, then a health-themed spa, then an equestrian facility. He also suggested it could be a temporary home for Syrian refugees.<\/strong><\/p>\nCity leaders would not approve any of those ideas and a frustrated Straub grudgingly put it on the market, making $118 million on his investment.<\/p>\n","protected":false},"excerpt":{"rendered":"
It’s yet another take for the once-beleaguered Revel Casino in Atlantic City. Colorado developer Bruce Deifik announced Monday that his company paid $200 million for the shuttered property. He’s convinced he can make it a winner, despite heavy competition from other resorts and a less-than-amazing past for the venue. The CEO and president of Integrated […]<\/p>\n","protected":false},"author":42,"featured_media":66878,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,18,61],"tags":[],"acf":[],"yoast_head":"\n
Atlantic City Revel Casino Sold for $200 Million, Summer Opening Planned<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n