The reopening of the former Revel casino could not be so far away, especially considering the fact that Bruce Deifik, a Denver-based developer took some more steps towards the property purchase in December.
A new company called ACOWRE LLC, which was registered in New Jersey, was used by Deifik to reach an agreement for a mortgage on the former Revel casino with the JPMorgan Chase investment bank. At the time when the agreement was reached, the amount of the mortgage remained undisclosed. In addition, it also remained unclear when the deed for the former Revel property is to be finally transferred.
The AC Ocean Walk owned by Bruce Deifik applied for a casino operating licence in December 2017, which made market experts say that a re-opening of the property could happen in 2018.
At the same time, the owner of the casino Glenn Straub has insisted that he was not aware of such a sale. According to a report issued by Moody’s Investors Service debt ratings agency, Mr. Deifik made a $375-million offer to purchase and refit the former Revel casino. The sale price of the property is estimated to $200 million, and the additional $175 million are to be used for refurbishment. The reopening of the venue is rumoured to have been set for May 2018.
Earlier in 2017, the departure of the casino executive Mark Juliano from Sands Bethlehem has provoked rumours of a possible sale of the Revel casino. As mentioned above, the rumours for a possible sale escalated last month, especially considering the fact that no one has still publicly revealed if a deal had been sealed or not.
Could Former Revel Casino Really Open Doors in 2018?
Despite there is still no official confirmation about the sale, meanwhile the apparent buyer of the former Revel property has been taking steps towards getting an operating licence. Bruce Deifik is known as a founder and president of Integrated Properties, which has acquired more than 100 commercial properties since 1990, including some large hotels.
It is important to notice that there has neither been any official timeline for the possible sale of Revel, nor the purchase has been publicly revealed. The rumoured reopening in May seems a bit like an aggressive deadline, especially considering the fact that the new owner would reportedly spend an amount of about $175 million to renovate the property.
According to the website of the casino resort, the property is set to re-open in 2018, but no further details are provided. Previously, the website said that the casino would open in 2017, but such a thing did not happen.
The future of the casino resort may yet be somehow unclear, but we could still be optimistic about the Atlantic City’s gambling sector. Fresh revenue is expected to be delivered to the local industry soon, as the former Trump Taj Mahal, now Hard Rock AC is to almost certainly open in the summer. The opening, on the other hand, is to result in more jobs in the region.