Revel Casino, located in Atlantic City, New Jersey, web page has had a tumultuous ownership history since its inception. Originally opened in April 2012, the casino was developed by Revel Entertainment Group, a company founded by Kevin DeSanctis. The project was ambitious, with an estimated cost of $2.4 billion, and aimed to revitalize Atlantic City’s gaming industry. However, despite its state-of-the-art facilities and amenities, Revel Casino struggled to attract enough visitors and faced significant financial challenges.
In September 2014, just over two years after its grand opening, Revel Casino filed for bankruptcy, marking a significant downturn in its operations. The bankruptcy proceedings led to the sale of the casino’s assets. In 2015, the property was acquired by a group of investors led by the Florida-based company, Brookfield Asset Management, for approximately $110 million. This sale represented a substantial loss compared to the original investment, highlighting the challenges faced by the casino industry in Atlantic City.
Under Brookfield’s ownership, Revel Casino was rebranded as the Ocean Resort Casino and underwent extensive renovations and rebranding efforts. The aim was to reposition the facility to attract a broader audience and compete with other casinos in the area. Ocean Resort Casino opened its doors in June 2018, featuring a variety of gaming options, dining establishments, and entertainment venues.
However, the ownership saga did not end there. In 2019, just over a year after its reopening, the Ocean Resort Casino faced financial difficulties once again. The casino was sold to a new owner, a group of private investors led by Bruce Deifik, who had previously been involved in the acquisition of the property. Deifik’s group aimed to revitalize the casino and restore its reputation as a premier destination in Atlantic City.
Unfortunately, the financial struggles continued, and the casino was once again put up for sale in early 2020. In a surprising turn of events, the property was purchased by the New York-based company, AC Ocean Walk, led by investor and entrepreneur, Dan K. D’Angelo. The acquisition was finalized in January 2021, and under D’Angelo’s leadership, the casino has been focusing on enhancing guest experiences and expanding its offerings.
As of now, AC Ocean Walk is the current owner of the Ocean Resort Casino, which continues to operate and strive for profitability in a competitive gaming market. The ownership of Revel Casino, now Ocean Resort Casino, reflects the broader trends in the gaming industry, where financial viability and strategic management are critical for success. The casino’s journey from its initial opening to its current ownership illustrates the challenges faced by establishments in the ever-evolving landscape of Atlantic City’s entertainment sector. The future of the casino remains to be seen, as it adapts to the changing demands of its clientele and the broader economic environment.
