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Revel to become Ocean Resort Casino in $200 million deal

A $200 million deal for the Revel was finalized during last week’s blizzard, the Associated Press reported.
Colorado developer Bruce Deifik plans to open the formerly failed casino as the Ocean Resort Casino this summer, around the same time the former Trump Taj Mahal casino will reopen nearby under the Hard Rock brand.
The new casino would bring with it 2,500 to 3,000 jobs.
“It’s a beautiful day in the neighborhood,” said Mayor Frank Gilliam, who welcomed the news after what he called “a turbulent first week and hectic weekend.”
“It’s a sign of more good things to come,” he told BreakingAC.
Gilliam said he has not yet talked with Deifik, but “we’re looking forward to having a sitdown and welcoming that entity into the city.”
“Whatever the city can do to help expedite having them as a good corporate citizen and, naturally, making sure that business can continue to flow we will do,” he said.
Deifik told the AP the purchase is “a dream come true,” despite the fact that the former $2.4 billion Revel lasted just more than two years and never turned a profit.
“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,” Deifik told the AP. “The former Revel property opened at a time when Atlantic City was still in economic recovery, and operationally it just did not cater to the customer base for this destination.”
Deifik also is gambling on the state winning its U.S. Supreme Court case to legalize sports betting. If so, the new casino would include a sports book facility.
“I also believe that that could be another home run for the city of Atlantic City,” Gilliam said of sports betting. “Being that we already have gambling, Atantic City is a great place for people to come down, watch the games and place their bets. It’s an overdue revenue stream.”
Some of Revel’s popular restaurants would return along with new ones, including an Asian noodle bar. Deifik also plans a high-end players’ club.
Deifik is president and chief executive officers of Integrated Properties Inc., which owns 103 commercial properties in five states, including the Hyatt Grand Champions Resort in Palm Springs, California, and several office and retail centers in the Denver and Phoenix areas.

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