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US – Change of ownership as Ocean Resort looks to stay afloat

By - 11 January 2019

After just six months of completing its transformation from Revel into Ocean Resort Casino, the troubled Atlantic City casino is changing ownership again.

Bruce Deifik, the man behind the launch of Ocean, did not identify the new company, but did reveal it would make a $70m into the property. Mr. Deifik will keep a small stake in the property.

“It has been truly an honour for myself and my family to have taken this property, opened its doors and brought back the players, the families, the convention guests and the sports betting enthusiasts,” Mr. Deifik said. “My family and I want to thank the 3,000-plus employees at Ocean for their tireless work to bring our property to life and put it on track to become the best gaming property in New Jersey. If approved and closed, this next round of investment into Ocean will put this property on an exciting path to growth.”

He said the money would be used to open a buffet, additional suites and rooms as well as ‘a substantial increase’ in its entertainment program.

In November, Ocean Resort generated $15.2m in Gross Gaming Revenue. Out of the other eight casinos, only Bally’s generated less at $14.5m for the month. The market leader, Borgata, generated $61.5m in November.
Its poor performance is also illustrated by a third quarter comparison with Hard Rock Atlantic City, the casino that opened on the same day.

Ocean generated an operating profit of $1.4m in the third quarter, compared to $8.2m.

Built for $2.4bn, the original Revel casino was forced to close after just over two years in 2014. It was bought from bankruptcy for $82m by Florida developer Glenn Straub who later sold it in 2017 to Mr. Deifik for $200m.

The rebranded casino opened with a redesigned, smoking gaming floor, catering on all levels of players with a focus on customer service.

Mr. Deifik said prior to Ocean’s opening it would ’represent one of the finest hotel-casino properties in existence today.’

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