AC OCEAN WALK has acquired the former Revel Casino Hotel in Atlantic City for $200 million. The property will be re-branded as the Ocean Resort Casino, giving a nod to the property’s location on 20 acres along the Atlantic City Boardwalk. The 1,399-key property is set to reopen in summer 2018.
The newly envisioned Ocean Casino Resort will span 6.4 million total sq. ft. with plans for 138,000 sq. ft. of gaming space, featuring 100 table games and 2,200 slot machines. Ocean Resort Casino will retain the existing 165,000 sq. ft. of meeting and convention space, as well as the 5,700-seat concert hall. In addition to the hotel and casino tower, the property includes a unique central utility plant that was sized to handle the current and potential future electrical and thermal requirements of the site.
“We are incredibly excited that we were able to take advantage of the opportunity to acquire this tremendous property at a time when Atlantic City is seeing great economic strides,” says Brice Deifik, chairman of AC OCEAN WALK. “Now the city has a number of exciting new projects with our property and the Hard Rock, as well as Stockton University’s new campus.”
Integrated Properties, the principal owner and managing partner of AC OCEAN WALK, is a Denver-based commercial and real estate development firm, formed by Bruce and Nancy Deifik in 1990. Since its inception, the company has acquired more than 103 commercial properties including mixed-use, office, retail, hotel/casino, apartment and warehouses in California, Colorado, Florida, Massachusetts, Nevada and Texas.