Philly.com: Built for $2.4 billion, the former Revel reopened as the Ocean Resort on June 27, the same day as the competing Hard Rock Hotel & Casino in what had been Trump Taj Mahal.
The Revel had at that point been sitting vacant since September 2014, when it closed due to financial troubles after operating for only 2½ years. Atlantic County records suggest casino-owner AC Ocean Walk LLC, in which Denver-based developer, Bruce Deifik, holds a majority stake.
He has said he made his initial $10 million commitment to buy the casino without ever having visited Atlantic City. Atlantic County clerk’s office records show two outstanding construction liens against the property demanding a collective $1.1 million for lighting displays and work at the casino’s nightclub.
Such liens may not necessarily indicate that property owners are under financial stress since they’re filed by contractors or subcontractors who have performed work on a property but have not been paid.
Alongside its possible financial woes, Ocean Resort has seen churn among its management ranks
Robert Ambrose, the casino consultant, said he sympathizes with Deifik and his team. “It’s a risky business. It was risky building the Revel in the first place.”