Fate of Ocean Resort Casino – Owner Changed Just After Six Months

Published by Rizvi on

The Ocean Resort Casino of the New Jersey is undergoing into a business shift. Yeah we are going to see some other company taking over the Ocean Resort Casino working but as for the moment of time, we know nothing about the company going to take it all over.

For the approval of it’s shifting, the new Owner would get their approval from the New Jersey Division of Gaming Enforcement ( DGE ) which would in-turn reveal the identity of this ” mysterious entity ” who is now going to be the new owner of this casino.

It is being said that the company who is going to be the new owner of the Ocean Resort Casino is not a famous entity in the world of casino and gambling, yet all these remain guesses.

The Ocean Resort Casino was one the third of four casinos to completely shut down in New Jersey in the year of 2014.

According to the reports, the new owner of this property is going to invest $70 million for some upgrades


Bruce Deifik, the current owner of the Ocean Resort Casino announced in January 10, 2018 that he would be retaining a non-controlling ownership interest in Ocean Resort but an unidentified outside company would assume majority ownership after just six months of operation.

Although the idea of being handled to another owner just after six months of operation seems terrifying, this wasn’t the case when the district manger of Wahlburgers Cesar Cifuentes was interviewed.

“We don’t see that it’s going to affect us in a negative way,” Cifuentes said. “For us, nothing is going to change. We’ve been doing well, and I think we’re going to do better.”

While the name of the new owners continues to stay a mystery, we can have a look into the profile of the Ocean Resort Casino from the day it all started.

 

HistoryChangesWorth & Revenue
The Ocean Resort Casino, formerly started as the Revel Casino Hotel Atlantic City is currently encompasing an area of 20 acres.

It got started for the people on April 2, 2012. After just two years, the Revel Casino Hotel Atlantic City closed Sepember 02, 2014 after the bankruptcy. On 11 September 2014, the casino got sold to Glenn Straub’s Polo North Country Club, a developer based in Florida, for $90 million, although the construction of this casino was around $2.4 billion.

On April 7, 2015, Revel was sold to Polo North Country Club for $82 million and it was to open with the name TEN however it never got reopened to Public. In January 2018, the sale of the property was announced and it reopened as Ocean Resort Casino on June 27, 2018. Now it’s going for another ownership change.

The casino was originally named as the Revel Casino Hotel Atlantic City.

Later on it was changed to TEN and was scheduled to reopen to public which it could’t.

In June 27, 2018 it reopened with the name of Ocean Resort Casino

The whole mega structure costed around $2.4 billion.

The Casino never had enough revenue to keep itself running in it’s initial days, the Revel had a bankruptcy case for which it got sold for $90 million

While the continuos failure of the Ocean Resort Casino can be related to multiple factors, experts believe that the casino lacks the customers to keep it functionally stable as the Casino industry in the Atlantis City is saturated, only the best feature providing casino attracts a handful amount of visitors.

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