After a month of rumors, it has finally been confirmed that the shuttered Revel Casino has been sold. The casino was opened in 2012, costing $2.4 billion to build, only to close two years later. Glenn Straub purchased the venue in 2016 for $82 million, far below its cost to create. Straub was never able to reopen the gaming venue and has now sold the property to Integrated Properties, a group based in Denver, Colorado.
According to numerous reports, the new owners have plans to reopen for gaming this summer. The casino will no longer be known as Revel and be renamed as the Ocean Resort Casino. Straub had plans to offer casino gaming, under a new brand called TEN, but was not willing to go through the licensing process as the state wanted in order to be ready to provide gaming in Atlantic City.
100 Table Games And Over 2,000 Slot Machines
When the casino reopens, it is going to have 100 table games and over 2,000 slot machines. The company behind the project is entering Atlantic City at what seems like the perfect time. Gambling activity is increasing, online gaming is doing well, and additional businesses are opening in the area, helping to boost the industry.
In a statement, Integrated Properties Founder and CEO, Bruce Deifik, commented on the new opportunity by stating that the company is incredibly excited to be able to acquire the property when they feel Atlantic City is taking ‘great economic strides’.
In the region, Hard Rock International is preparing to reopen the former Trump Taj Mahal has the Hard Rock Hotel & Casino Atlantic City, while the medical center of the area is expanding, and Stockton University has a new campus. Overall, the region is booming and the reopening of the former Revel as a new gaming venue will only add to the positive turn for the gambling city.