AC OCEAN WALK, principally owned by Denver-based Integrated Properties announced Monday it has purchased the former Revel Casino Hotel from Florida developer Glenn Straub for $200 million.
The group said the property will be re-opened as the Ocean Resort Casino this summer.
When it was opened, the Revel’s construction cost was quoted at nearly $2.4 billion. The Revel closed in September 2014 after going bankrupt twice.
"We are incredibly excited that we were able to take advantage of the opportunity to acquire this tremendous property at a time when Atlantic City is seeing great economic strides,” said Bruce Deifik, chairman of AC OCEAN WALK, in a release. “Now the city has a number of exciting new projects with our property and the Hard Rock, as well as Stockton University's new campus and the expansion of the medical center."
The Ocean Resort Casino is a 1,399-room venue that sits on 20 acres along the Atlantic City boardwalk. The former Revel Casino has an attached 7,700-space parking structure.
When fully operational, AC said it will provide up to 3,000 jobs to Atlantic City.
The newly branded resort will exploit the 6.4 million square feet of the property and will consist of 138,000 square feet of gaming space.
"The former Revel property opened at a time when Atlantic City was still in economic recovery and operationally it just did not cater to the customer base for this destination. However, given the extraordinary quality and investment made during its development, the new 'Ocean' will represent one of the finest hotel, casino properties in existence today in an improving market that has demonstrated strength and resilience.
“On a personal note, this is a dream come true. Without the support of my family, who saw my vision and belief in Atlantic City as a market in resurgence, today would never have happened and therefore, I am truly grateful to them," he said.
Deifik thanked JP Morgan and his partners for their contribution towards the closing of the deal.
AC OCEAN WALK said its plans maintain the 165,000-square-foot convention center as well as the 5,700-seat concert hall.