After a fall down, the most spectacular casino in Atlantic City is getting another chance under new ownership and a new name. Bruce Deifik, a developer from Colorado, had purchased Atlantic City's famous Revel Casino hotel from Glenn Straub, a Florida businessman, for $200 million. He is planning to reopen it in this summer. At the same time, Trump Taj Mahal Casino is likely to re-open nearby under the Hard Rock brand. Deifik defined this purchase "a dream come true." The Glenn Straub Casino will reopen with Ocean Resort Casino name.
The Revel Casino, which took $2.4 billion to be built, was sold on Thursday afternoon during a blizzard. Deifik said: "We are incredibly excited that we were able to take advantage of the opportunity to acquire this great property at a time when Atlantic City sees great economic strides. 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."
With 1,399 hotel rooms, the casino is likely to employ 2,500 to 3,000 people. Its gambling area will offer 100 table games and 2,200 slot machines. The new owner is determined to bring back some of the restaurants that were popular at Revel. Among the new ones, Asian noodle bar is a popular name. He also plans a high-end players' club. Deifik, the CEO and president of Integrated Properties, owns more than 100 commercial properties in five states. His property range includes Hyatt Grand Champions Resort in Palm Springs, California.
But the news raises a question for a gambling resort that only regained its equilibrium following the shutdown of five out of its 12 casinos. However, it is expected that the reintroduction of two large casinos - Revel Casino and Taj Mahal Casino - can push the movement towards an upward direction.