There has been speculation for some time that the former Revel Casino of Atlantic City was set to be sold. However, the owner, Glenn Straub, denied any potential sale. It seems the news has finally been made public, with Straub having sold the company to AC Ocean Walk, a company owned by Colorado developer Bruce Deifik. The property was sold for $200 million.
AC Ocean Walk released a statement after the acquisition was completed, stating that the venue would reopen this summer with a new name, the Ocean Resort Casino. Renovations will begin immediately and will most likely be needed as the property has not been used since late 2014. Reportedly, the new owner plans to spend $175 million on improvements.
Plans For State-Of-The-Art Sportsbook
The plans of the new owner include creating a state-of-the-art sportsbook. However, this can only happen if the United States Supreme Court decides to permit such wagering by deeming the Professional and Amateur Sports Protection Act as unconstitutional in their ruling of the Christie vs NCAA case. Deifik plans on offering sports betting, but it is still unknown as to if the new property will be involved in the online gaming market.
Oddly enough, Straub has acted strangely over the past few months in handling questions about a potential sale of the Revel. The owner continued to deny any reports of a sale of the property. The former owner finally came out with a response due to the statement by the new owners by saying that he sold the casino since he could not take the regulatory requirements set forth by the state, in what he calls an anti-business climate.
Now, we will wait and see if the new owners will be able to complete renovations over the next few months and open the new Ocean Resort Casino by summer.