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Ocean Resort Atlantic City Changes Name Again

Resorts casino flexing its muscle in sports betting, online gambling in new jersey

The changes occurred a few days after the previous casino owner, Bruce Dejfik, crashed in a car accident in his hometown of Denver, Colorado, on Sunday, April 7, 2019. A 64-year-old driver was reportedly driving home from a Colorado Rockies baseball game when his car crashed into a lamppost. Forensic experts are still investigating the cause of the accident, including the possibility that Deyfik had an attack while driving.

Buy in 2018

Mr. Deyfik, who was born in Manhattan, New York and who, together with his wife, ran a successful real estate company in Colorado, reopened the former Revel Casino under the new name Ocean Resort Casino on June 27, 2018, after the company was led by by him, AC Ocean Walk acquired the establishment on January 4, 2018 from Florida developer Glenn Straub for $ 200 million.

List of changes

According to NJ.com, the new owners of Ocean Resort Casino announced on Wednesday that it was time to unveil the list of changes:

Following the launch of the new marketing campaign, Ocean makes a number of improvements, starting with a change in focus. We are primarily a casino. To reflect this, we start with a new name - Ocean Resort Casino will now become Ocean Casino Resort!

Focus on gambling

The casino will also have a new logo, which reflects its “accessibility, elegance and constant movement into the future”.

In second place there is the "resort" characteristic, and the casino will focus on accessibility and pay more attention to gambling.

Eric Matejevich, recently appointed facility manager, said in February:

Two previous owners advertised this property as a resort. We consider ourselves a great casino with wonderful resort amenities.

Problematic undertakings

Even before the construction was completed, the 20-acre property had a lot of problems, almost immediately after it was acquired by the Wall Street investment giant Morgan Stanley in April 2006.

• Revel Entertainment, which was selected by the financial services company in October 2006 to develop and manage a casino, lost money halfway through the project in 2009 and was forced to lay off hundreds of employees.

• An institution worth $ 2.4 billion opened its doors on April 2, 2012.

• However, the iconic winnings at Revel Casino made the gambling establishment the most unprofitable among 12 Boardwalk casinos.

• In 2014, along with four other local casinos, the facility closed its doors.

Two bankruptcies

In 2015, after filing the application for the first time in February 2013 and again in June 2014, Revel was acquired by Florida developer Glen Straub for just $ 82 million. Luxor Capital Group and JPMorgan Chase Bank were the main lenders to the purchase. In 2017, Mr. Straub planned to rename the property into TEN, but his vision of the casino was not destined to come true and the establishment was sold to a company led by Bruce Deyfik in January 2018 for about $ 229 million.

Opening in 2018

Ocean Resort Casino officially opened on June 28, 2018, after a soft launch in the evening at Hard Rock Hotel & Casino Atlantic City. And in just a few months, gambling revenue at Ocean Resort monthly became the smallest among the remaining nine operating Atlantic City casinos.

Loss of income

Just a few months after the opening, in October last year, Ocean Resort requested and received a temporary exemption from the state’s minimum liquidity requirement, which was later extended by a month. The property in Atlantic City did not meet the requirements of the State Department for Gambling Compliance (DGE). According to reports, from September to December 2018, the company lost a total of 18.6 million dollars.

Transfer of ownership

Mr. Deyfik was in the process of transferring ownership of the Luxor Capital Group during his tragic accident after his efforts to refinance the establishment were unsuccessful. The deal has not yet been completed but it is likely to be closed soon.

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