Shuttered Revel casino in Atlantic City to reopen in May

Atlantic City's Revel Casino Hotel cost $2.4 billion to build and was closed after two years. A Colorado developer has paid $200 million for Revel and will reopen the property under the name of Ocean Resort Casino. (Wayne Parry/AP)

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By Wayne Parry The Associated Press

January 8, 2018 - 8:21 am

ATLANTIC CITY, N.J. — A Colorado developer has purchased Atlantic City’s former Revel casino hotel, and plans to reopen it this summer.

Bruce Deifik tells The Associated Press he paid $200 million to Florida developer Glenn Straub for Revel, which has been shuttered since September 2014.

Revel was Atlantic City’s most spectacular casino flop. It cost $2.4 billion to build, and closed after just over two years. It never came close to turning a profit.

Straub bought it for $82 million from bankruptcy court, but fought with state officials over whether he needed a casino license.

Deifik says it will be renamed the Ocean Resort Casino. He says it should open in May, around the same time that the former Trump Taj Mahal casino resort will reopen under the Hard Rock brand.

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