Revel, the failed $2.4 billion casino in Atlantic City, New Jersey, built as a high-end playground for Wall Street bankers, sold for $200 million to a Colorado developer who plans to reopen it under the name Ocean Resort Casino.
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The Revel opened in 2012 as the tallest building in the seashore town with Beyoncé as its headliner. It closed two years later after two trips to bankruptcy court, and a judge allowed Florida developer Glenn Straub to buy the property for $82 million in 2016.
Bruce Deifik, founder of Denver-based Integrated Properties, on Monday confirmed he bought the casino from Straub. Deifik said the 1,400-room property would open by summer, creating as many as 3,000 local jobs. In a nod to prior criticisms of the property as well as to attract new customers, Deifik said he planned to add an Asian noodle bar and a high-end players’ club.
JPMorgan Chase & Co. provided financing for the deal, Jordan Deifik, chief operating officer of Integrated Properties, said in an interview.
Atlantic City, which relies mostly on low-rolling day trippers, has been crushed in recent years by the expansion of gambling in neighboring states and many of the city’s casinos have shuttered.