He and his management team said they were confident they had fixed what went wrong with Revel. Florida developer Glenn Straub bought it out of bankruptcy court for $82 million, and sold it last year to Deifik, a Colorado developer, for $200 million.ĭeifik decided to buy the casino sight unseen on the recommendation of his advisers, and set about renovating it, adding an indoor golf facility and one of the state’s most extensive sports betting facilities.
In its first incarnation as Revel, the $2.4 billion casino lasted just over two years before closing in 2014.
The revival of the two casinos immediately raised questions as to whether Atlantic City was making the same mistake that led to the first wave of shutdowns: having too many for all to thrive. (The Taj Mahal reopened as Hard Rock last year.) The Atlantic Club, Showboat, Revel and Trump Plaza all closed in 2014, and the Trump Taj Mahal closed in 2016. The reopenings brought Atlantic City’s casino total to nine, shortly after five casinos had shut down in a market that could not support them all.
