There’s been another twist in the saga of Atlantic City’s troubled Revel resort: AC OCEAN WALK has purchased the property, with a plan to re-brand it as the Ocean Resort Casino.
Revel closed in September 2014 after filing for bankruptcy twice, after which a plan by then-owner Glenn Straub to rebrand the resort as TEN never came to fruition. AC OCEAN WALK has now purchased the property for $200 million – far below its cost of $2.4 billion when it first opened in 2012 – and the company says that the new Ocean Resort branding will serve as a nod to the property’s location on 20 acres along the Atlantic City Boardwalk, as well as the ocean views from its 1,399 guest rooms.
AC OCEAN WALK says that plans for the Ocean Casino Resort call for 138,000 square feet of gaming space, with 100 table games, 2,200 slot machines and what’s being billed as a “best in market” sports book. The property will also maintain its 165,000 square feet of meeting and convention space, as well as the 5,700 seat concert hall with space for potential future expansion.
In a written release AC OCEAN WALK Chairman Bruce Deifik said that the company also plans to bring back some of the resort’s more successful restaurants, as well as to create new venues like an Asian noodle bar and a high-end players club.
Current plans call for the Ocean Casino Resort to reopen this summer.
The purchase is the latest plan to help revive Atlantic City’s hospitality sector. Last March Hard Rock International purchased the Taj Mahal, which had also shut down during a strike by a local labor union. Hard Rock says that it will invest $300 million in the property before reopening it as the Hard Rock Hotel & Casino Atlantic City.