But Straub ran into a litany of problems centered around the casino’s outstanding bills and licensing issues, eventually deciding instead to sell the property to Colorado-based developer Bruce Deifik earlier this year for $200 million.ĭeifik, through the company AC Ocean Walk, plans to open the 1,399-room casino this summer as the Ocean Resort Casino, and a world-renowned hotel group has just come aboard the endeavor. ![]() Polo North’s owner, Glenn Straub, had pledged to reopen the shuttered property as the re-branded TEN sometime last year. Completed in 2012 at the cost of $2.4 billion, the resort-style casino went through two bankruptcies before closing and was sold in court to Polo North Country Club in 2015 for just $82 million. One of the most high-profile closures was the Revel, a two-acre property at 500 Boardwalk that’s the city’s tallest building and was its northernmost casino. Four casinos closed down in 2014 amid declining revenues, but signs of a rebirth have begun to show up around America’s Playground. There was perhaps no place in New Jersey that was more negatively impacted by the Great Recession than Atlantic City. ![]() Photo by Dough4872 via Wikimedia Commons. ![]() The former Revel Hotel and soon-to-be the Ocean Resort Casino, Atlantic City.
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