by Lisa A. Grimaldi | December 15, 2017
A Colorado company has purchased the former Revel gaming resort in Atlantic City for $200 million and plans to reopen it in May 2018, according to press reports. AC Ocean Walk LLC, a group controlled by developer Bruce Deifik, also has applied for a gaming license with the New Jersey Division of Gaming Enforcement. The plan for AC Ocean Walk includes nearly 1,400 hotel rooms, 2,000 slot machines, 100 gaming tables, a spa, restaurants and more.
The property, which has been shuttered since 2014, was originally purchased for a fraction of its $2.4 billion cost by developer Glenn Straub, who planned to reopen the property under the name TEN but failed to get a gaming license. Some press outlets have reported that Straub, a mercurial character by many accounts, has denied the current sale, but all signs (such as the application for a gaming license) point to it happening.
During its two years of operation, Revel had 13 restaurants, a 32,000-square-foot spa, a casino and 160,000 square feet of indoor event space.