Sunday, January 24, 2021 Contact us

Colorado group plans $375m revamp for Revel Casino Hotel

Colorado group plans 375m revamp for Revel Casino Hotel

The defunct Revel Casino and Resort may soon get a revamp to reopen in the summer next year. The owner of the hotel-casino, also referred to as Ten, has been turning down reports of a property sale for some time now.  However, a recent report by the Moody's Investors Service on a Colorado-based firm's rating suggests that it would spend $375 million to acquire and redevelop the massive boardwalk site.

 The Press of Atlantic City was the first to report that Moody's report suggests that Revel would sell the property to AC Ocean Walk LLC, a firm led by Bruce Deifik, president and chief executive of Denver-based developer Integrated Properties Inc., and minority owner Frank Ruocco, of Winding Trail. It quoted a price of "$200 million", a cost well below that incurred on building $2.6 billion Revel Casino and Resort.

 The Press report states that the new owners of the casino will invest another $175 million and are likely to re-open the site in May 2018 for a total invested capital of $375 million.

 Revel was opened in 2012 and closed only after two years in operation. The hotel-cum-casino is owned by a Florida-based developer Glenn Straub, who took the property out of bankruptcy court for about $80 million.

 The Moody's report also contains the other details on casino's future. The site is expected to have over 100 gaming tables, more than 2,000 slot machines, 1,399 hotel rooms, pools, night clubs, 13 restaurant options and a spa.

 In 2016, Straub had hinted on reopening the resort with a small casino, water park, rope-climbing course, an e-sports lounge, beach cabanas, equestrian facility and a bike endurance course.

 Revel Casino Hotel encompassed 2 nightclubs, 13 restaurants, 2 live entertainment venues and several swimming pools. It had a large gaming space, sprawling across 130,000 sq. ft. area. The casino was divided into several areas, including the poker room and table game areas.