With a $200-million investment, the former Revel Casino Hotel in Atlantic City, New Jersey, is now in the hands of Ac Ocean Walk and will be renamed the Ocean Resort Casino in a nod to the famed boardwalk and ocean views from its 1,399 rooms.
The property originally opened in 2012 with an investment of nearly $3 billion and became a landmark on the boardwalk, not only for its height (it’s the tallest building in the city), but also for the attention to detail that went into building the tower and casino.
“We are incredibly excited that we were able to acquire this tremendous property at a time when Atlantic City is seeing great economic strides,” says Bruce Deifik, chairman of Ac Ocean Walk. “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 centre.
“We are grateful for the wonderful team at JP Morgan and others that helped us on this eight-month journey, and we would especially like to thank Atlantic City and the State of New Jersey for their hospitality, thoughtfulness and professionalism. We look forward to providing the same to all of the surrounding residents when the Ocean is operational.”
Occupying 6.4 million square feet, the property offers 138,000 square feet of gaming space featuring 100 table games and 2,200 slot machines, and there are plans for a “best in market” sports book.
Ahead of the reopening this summer, the renovation will maintain the 165,000 sq ft meeting and convention space, as well as the 5,700-seat concert hall, with space for potential future expansion. It also has an attached parking structure with 7,700 spaces, making all hotel, casino and entertainment venues easily accessible for all guests.
“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,” Deifik says.
“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.
“Atlantic City is coming back with a vengeance and, with the groundwork for the legalisation 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.
“It is our mission and vision to fully serve the customer base of Atlantic City. We are working to bring back some of the restaurants that were successful at the property and we have worked diligently to create some specialised 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.”
In addition to the hotel and casino tower, the property includes a unique central utility plant that was sized to handle the current and potential future electrical and thermal requirements of the site.