AC Ocean Walk, formerly known as Revel and built in April 2012 at an investment of nearly US$3 billion, will begin work to ready the property for operation immediately, with plans to open in summer 2018.
“We are incredibly excited that we were able to take advantage of the opportunity to acquire this tremendous property at a time when Atlantic City is seeing great economic strides. Now the city has a number of exciting new projects with our property and the Hard Rock, as well as Stockton University’s new campus and the expansion of the medical center,” said Bruce Deifik, the Chairman of AC Ocean Walk.
“We are grateful for the wonderful team at JP Morgan and others that helped us on this eight month journey, and we would especially like to thank Atlantic City and the State of New Jersey for their hospitality, thoughtfulness and professionalism. We look forward to providing the same to all of the surrounding residents when the Ocean is operational,” Deifik added.
The newly envisioned Ocean Casino Resort will take full advantage of the 6.4 million total square feet of the property with plans for 138,000 square feet of gaming space, featuring 100 table games and 2,200 slot machines and plans for a “best in market” sports book.
Ocean Resort Casino will maintain the 165,000 square feet in meeting and convention space, as well as the 5,700 seat concert hall with space for potential future expansion. The property has an attached parking structure with 7,700 spaces making all of its hotel, casino and entertainment venues easily accessible for all guests.
“On a personal note, this is a dream come true. Without the support of my family, who saw my vision and belief in Atlantic City as a market in resurgence, today would never have happened and therefore, I am truly grateful to them,” Deifik said.
Integrated Properties manages assets, property, leasing and disposition of commercial properties including mixed-use, office, retail, hotel/casino, apartment and warehouses in California, Colorado, Florida, Massachusetts, Nevada and Texas. The company’s portfolio encompasses over 8.5 million square feet and specialises in urban mixed-use development.
Source: GMB
