Ocean Resort Casino Changes Ownership After Just Six Months

Ocean Resort Casino Changes Ownership After Just Six Months

An anonymous new owner plans to invest $70 million to upgrade the Ocean Resort Casino formerly known as Revel.

Only six months after Bruce Deifik purchased the New Jersey casino known as Revel for $200 million from Glenn Straub, who purchased it out of bankruptcy for $82 million in 2015, Deifik is reportedly ready to hand the Ocean Resort Casino over to an unidentified ownership group for an undisclosed amount. The current NJ casino, which is the tallest casino in Atlantic City, but has muddled near the bottom in terms of online gambling and hasn't embraced online sports betting in New Jersey, is still trying to find its footing in the crowded Atlantic City land-based casino market and NJ online casino market. Ocean Online Casino is struggling to gain traction compared to its competition. With nine casinos in total, and various NJ online casinos, it's proving to be a struggle no matter the name of Ocean Resort Casino has taken on.

Who Is The New Owner Of Ocean Resort Casino?

As of Friday, Jan. 18, there still is no record of a transaction for Ocean Resort Casino between Bruce Deifik and any other group. Deifik announced on Jan. 10 that an unidentified group would take over majority ownership of the New Jersey casino, and he'd still maintain a non-controlling interest in Ocean Resort. At the point of the sale announcement, Deifik exclaimed positively:

"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."

A week later, beyond the promise of $70 million in investments to try and put it on an "exciting path to growth," there are still more questions than answers. And a lot of work to be done to obtain these lofty goals Mr. Deifik has for Ocean Resort Casino.

Despite the change in ownership, Ocean Casino continues to operate as normal.

NJ Sports Betting Could Be Catalyst To Strengthen Ocean Resort Casino

Even though revenues had declined in the late months of 2018, Ocean Sportsbook, powered by William Hill NJ, has yielded positive results for the middling casino. The establishment could decide to join the NJ sports betting online market. A concentration on online sports betting, which not every casino in New Jersey has jumped on board yet, could prove to be the catalyst Ocean Resort needs to be competitive again. For now, we're all taking a wait-and-see approach until the new ownership is named and announces what their plans are.

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