A Colorado developer has purchased the former Revel casino hotel from crazy-like-a-fox Glenn Straub. The property was sold / flipped for $200 million to Bruce Deifik. The barely broken-in structure is now named Ocean Resort Casino. It could be open by Summer 2018.
REVEL: the deepest money pit in Atlantic City.
Down the Boardwalk a bit, the former Taj Mahal will also reopen this summer as Hard Rock. Can Atlantic City handle more gaming competition within it’s 47 blocks? It better. Legalized sports betting, new casinos in PA. & NY, and racinos in North Jersey are on the way.
Residents wonder if two new casinos will help or hurt the comeback of Atlantic City. The 10 year tax freeze for AC Casinos called the PILOT BILL has wreaked havoc on non-casino property owners in both Atlantic City and Atlantic County. The growth of Internet gaming has recently become main bright spot for AC’s remaining casinos.
Gaming revenue from day trippers and weekend warriors has been flat as of late. This does not bode well for the local, non-casino economy of Atlantic City. Very little casino money trickles down to non-tourism district neighborhoods. Less than 20% of full-time, Atlantic City casino workers are local residents.
Online gaming & sports betting: profitable for the casinos, bad for Atlantic City taxpayers.
The former Revel cost $2.4 billion to build. It opened in 2012 with Beyoncé as the headliner. Two years and two bankruptcies later, REVEL was closed. Florida developer Glenn Straub to buy the property for $82 million in 2016.
Excitement is growing about this property which will now be called Ocean Resort Casino.
The Ocean Resorts Casino will employ up to 3,000 people. It will have 1,399 hotel rooms.