Revel Casino, located in Atlantic City, web page New Jersey, has had a tumultuous ownership history since its inception. Originally opened in April 2012, the casino was developed by Revel Entertainment Group, which was founded by Kevin DeSanctis. The property was designed to be a high-end resort and casino, with an emphasis on luxury and modern amenities. However, the casino struggled to gain traction in a competitive market and filed for bankruptcy just two years after its opening in 2014.
After its initial bankruptcy, Revel Casino was sold to Brookfield Asset Management, a global alternative asset manager, in 2015 for approximately $110 million. Under Brookfield’s ownership, the casino underwent substantial renovations and rebranding efforts. The property was reopened in June 2018 as the Ocean Resort Casino, marking a new chapter for the establishment.
In 2020, the Ocean Resort Casino became part of the larger gaming and hospitality company, the Ocean Casino Resort, which is operated by a partnership between Luxor Capital Group, a New York-based hedge fund, and other investors. Luxor Capital Group, led by its founder and CEO, Jonathan Litt, is known for its investments in distressed assets and has played a significant role in the revitalization of the casino.
The current ownership structure of Revel Casino, now operating as the Ocean Casino Resort, reflects a blend of investment strategies focused on maximizing the potential of the property. The partnership between Luxor Capital Group and other stakeholders has allowed the casino to re-establish itself in the competitive Atlantic City market, focusing on attracting both local and tourist clientele.
Despite the challenges faced during its initial years, the Ocean Casino Resort has made strides in improving its offerings and overall guest experience. The property features a wide array of gaming options, dining establishments, and entertainment venues, positioning itself as a significant player in the Atlantic City casino landscape.
In summary, Revel Casino, originally owned by Revel Entertainment Group, is currently owned by a partnership led by Luxor Capital Group and operates as the Ocean Casino Resort. The transition from Revel to Ocean signifies a commitment to revitalization and growth within the Atlantic City gaming market, showcasing the resilience of the property amidst its past struggles.
