Ocean Resort Casino Might Be On The Market
Ocean Resort Casino in Atlantic City opened its doors on June 27, 2018 to the public. The casino was developed at the former Revel Casino which had a troublesome past.
It looks like things are not going to well for the newly opened casino as reports have surfaced that the owners are now looking at putting the casino on the market.
Ocean Resort Casino may soon be back on the seller’s block as it faces several problems including weaker earnings and late payments to its contractors.
According to sources, Bruce Deifik, the lead purchaser of the former Revel casino is looking for a buyer for the 47-storey casino.
The information on a potential sale was revealed in a lawsuit filed by the former manager of the resort’s HQ2 nightclub. The lawsuit claims that AC Ocean Walk LLC, a company Deifik has a majority stake, owes more than a million dollars to its contract renovators. The newly opened casino is also reported to have weakest gambling revenue in the coastal city.
This may soon prove to be the end for the Ocean Resort. According to experts, rumours of a sale have been swirling around for some time now. However, many assumed that Deifik and his team would have plans to turn things around. The trouble is that the independent casino seems to be struggling against branded casinos that already have a secure following.
Deifik was confident that under his management, Ocean Resort would become one of the finest hotel-casino properties in the city but it looks like Ocean Resort might not last very long.
Despite initial optimism, the numbers are not showing improvement. Just like any casino, Ocean Resort’s main metric is its gaming revenue. However, according to figures from the New Jersey Division of Gaming Enforcement, the casino finished last in terms of revenues compared to all the other casinos in Atlantic City – with the month of August being the only exception. This is a hard pill to swallow since some of the other casinos out there have fewer tables and games.
It does not help that there are also accusations that the resort’s management seems to be into shady dealings. Joey Morrissey, the nightclub manager that filed the lawsuit that revealed the sale, says that Deifik fired him to ensure that he wouldn’t get partnership interest in the casino – which was part of his management deal.