Ocean Resort Casino Reportedly to Be Sold

On Jan 10, 2019

The casino property that had its original $2.4-billion, built-from-scratch incarnation in 2012 as Revel, closed in 2014. It was then bought by a new owner at a fire-sale price and re-opened as Ocean Resort Casino last June. Now, the casino reportedly will be once again be sold soon (maybe even today) to a yet-to-be-named buyer.

The buyer’s identity would be revealed at the very least during the legalities surrounding purchasing a New Jersey casino.  This would mark the third owner for the site, which – even after undergoing renovations including, for example, the addition of indoor golf and robust sports betting capabilities – seems to be a laggard, recently winning only $15.2 million from gamblers in November, a statistic placing it second-last among Atlantic City’s nine casinos for that month (and arguably woefully behind the Borgata, which won $61.5 million in November).  The new owner is expected to invest further in Ocean Resort Casino.

Atlantic City’s casinos have witnessed tumultuous years, with four casinos closing in 2014, and another in 2016 (Trump Taj Mahal).  The latter rebranded as Hard Rock Casino, opening the exact same day last year as Ocean Resort.

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