ATLANTIC CITY, NJ—AC Ocean Walk has acquired the former Revel Casino Hotel for $200 million. The property will be rebranded as the Ocean Resort Casino, giving a nod to the property’s location on 20 acres along the Atlantic City Boardwalk, and the ocean views in its 1,399 rooms.
AC Ocean Walk will begin work to ready the property for operation immediately, with plans to open in summer 2018. When fully operational, the property will provide between 2,500-3,000 jobs to Atlantic City, according to the company.
“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. 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,” said Bruce Deifik, chairman of AC Ocean Walk.
The Revel Casino Hotel was originally opened in April 2012 with a total investment of nearly $3 billion and became a landmark building along the Atlantic City Boardwalk not only for its height as the tallest building in the city, but for the attention to detail that went into building the tower and casino.
“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,” Deifik said.
The newly envisioned Ocean Casino Resort will take full advantage of the 6.4 million total sq. ft. of the property with plans for 138,000 sq. ft. of gaming space—with 100 table games, 2,200 slot machines and plans for a sports book.
“Atlantic City is coming back with a vengeance, and with the groundwork for the legalization of sports betting, we foresee a great opportunity to bring a state-of-the-art sports book to a city that caters to a large and diverse sports market,” he said.
Ocean Resort Casino will maintain the 165,000 sq. ft. in meeting and convention space, as well as the 5,700-seat concert hall with space for potential future expansion. The property has an attached parking structure with 7,700 spaces making all of its hotel, casino and entertainment venues easily accessible for all guests.
“It is our mission and vision to fully serve the customer base of Atlantic City. In that regard, we are working to bring back some of the restaurants that were successful at the property and we have worked diligently to create some specialized new venues including a top Asian noodle bar and a high-end players club. Our investment in this property will make certain there is something for everyone at the Ocean,” he said.