The $13 million in casino winnings it took in its first month ranked it near the bottom of Atlantic City's 12 casinos - a spot it would occupy for its two-year existence. It was the only Atlantic City to ban smoking. It eschewed bus-riding, buffet-patronizing day trippers in favor of a hoped-for clientele of Wall Street traders, hedge fund execs and the highest of high-rollers. Revel opened in 2012, with no less an aim than to rewrite the rules of success in Atlantic City's casino market. Some say the reopenings could hurt smaller casinos and possibly lead one or more to close, but others are optimistic the new offerings - particularly the music-themed, globally known Hard Rock brand - can bring new customers who otherwise would not have traveled to Atlantic City. It cost $2.4 billion to build, yet lasted just over two years before shutting down, never having come close to turning a profit.ĭeifik is president and CEO of Integrated Properties Inc., which owns 103 commercial properties in five states, including the Hyatt Grand Champions Resort in Palm Springs, California, and several office and retail centers in the Denver and Phoenix areas.Īnalysts are mixed on whether Atlantic City's seven operating casinos can handle two more competitors. Revel's sale was finalized Thursday afternoon, during a blizzard, a fitting development for a project with a turbulent history. Deifik called the purchase 'a dream come true.'īut the news raises a sobering question for a gambling resort that only recently regained its equilibrium following the shutdown of five of its 12 casinos: Might the sudden reintroduction of two large casinos create the same conditions that led to the wave of shutdowns in the first place? The former Revel will be called the Ocean Resort Casino. He plans to reopen it this summer, around the same time the former Trump Taj Mahal casino will reopen nearby under the Hard Rock brand. Atlantic City's most spectacular casino flop is getting another chance under new ownership and a new name.Ĭolorado developer Bruce Deifik said Monday he had purchased Atlantic City's former Revel casino hotel from Florida businessman Glenn Straub for $200 million.

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