AC Ocean Walk, a unit of Denver-based developer Integrated Properties, has acquired the former Revel Casino Hotel in Atlantic City for $200 million, it announced Monday.
Revel, built for a reported $2.4 billion and open for only two years, from 2012 to 2014, once fetched a sale price of only $82 million in the course of attempts to reopen it over the past three-plus years.
The Boardwalk casino will be rebranded the Ocean Resort Casino, AC Ocean Walk said, and is scheduled for a summer 2018 reopening.
The new owner said the reopening will create 2,500 to 3,000 jobs for Atlantic City.
“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,” AC Ocean Walk Chairman Bruce Deifik said in a prepared statement. “Now, the city has a number of exciting new projects with our property and the Hard Rock (casino, the former Trump Taj Mahal), as well as Stockton University’s new campus and the expansion of the medical center.”
The Ocean Resort Casino sits on 20 acres, and had 1,399 rooms when operating. It is the tallest building in Atlantic City.
“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 said. “However, given the extraordinary quality and investment made during its development, the new Ocean will represent one of the finest hotel-casino properties in existence today, in an improving market that has demonstrated strength and resilience.”
Renovations to the 6.4 million-square-foot property will include 138,000 square feet of gaming space, feature 100 table games and 2,200 slot machines — plus plans for a sports book — according to AC Ocean Walk.
“Atlantic City is coming back with a vengeance and, with the groundwork for the legalization of sports betting, we foresee a great opportunity to bring a state-of-the-art sports book to a city which caters to a large and diverse sports market,” Deifik said.
The project will maintain 165,000 square feet in meeting and convention space, as well as the 5,700-seat concert hall and 7,700-space parking structure.
“We are working to bring back some of the restaurants that were successful at the property, and we have worked diligently to create some specialized new venues, including a top Asian noodle bar and a high-end players club,” Deifik added.
Deifik and his wife, Nancy Deifik, founded Integrated Properties in 1990. The company’s portfolio includes more than 100 commercial and industrial properties.