Certainly, the story of the late Revel, Atlantic City’s most expensive 96ace former land-based casino, is fraught with pitfalls and surprises. The one that reopened six months ago under the name of Ocean Resort Casino has apparently already found a buyer, whose identity is still unknown. What is the reason for this buyout? Is this good or bad news for the many employees of the structure as well as for its customers…?
The Ocean Resort Casino starts its adventure badly.
We have just learned through the CalvinAyre news site that the Ocean Resort Casino has changed hands again recently. Remember, the Ocean Resort opened its doors in July 2018 alongside the Hard Rock Atlantic City (which it seems to be doing much better), after having suffered many setbacks over the years. https://www.996ace.com/sg/en-us/
Originally, this casino was the infamous Revel, a casino opened in 2012 that was (and still is) the most expensive casino ever built in the city of New Jersey. After failing in its quest for profit, it closed its doors and struggled to find a buyer. Having cost the trifle of 2.4 billion, he had to resolve to study offers less than $ 100 million, that is…!
In 2015, Glenn Straub decided to buy the property for just $ 82 million, only to sell it to Bruce Deifik, an investor from Colorado.
With the launch of this establishment under a new name and new management, one could hope for certain stability, but it seems that it is still a beautiful utopia. To be honest, a takeover, even as early, is not necessarily a bad sign for business. There can indeed be multiple reasons that push a recent buyer to resell. But to be even more honest, we must recognize that this is rarely a good sign…
Bruce Deifik, after having sold the majority of his shares, would still control part of the assets of the Ocean Resort but at a minority level, which means that he will have no influence (or very little) for the rest operations.
For the moment, the new buyer is still unknown, and it will certainly appear during this year. According to the information we have, he intends to inject $ 70 million into the project because it seems that visitors are not yet very attracted to this casino. The $ 70 million would be used to improve certain rooms and suites and to improve the casino space and the buffet.
How many millions must we inject into this establishment for it to ultimately be profitable? Current employees have reason to be concerned…