Atlantic City casino sells for $200m

The Atlantic City, N.J., casino hotel Revel has been sold to Colorado developer Bruce Deifik for $200 million. Glenn Straub, a Florida businessman, was the seller.

Deifik, president and CEO of Integrated Properties, plans to reopen the property sometime this summer under the new name Ocean Resort Casino.

The casino, which opened in 2012, was one of Atlantic City’s most impressive casino flops, having cost $2.4 billion to build and closed just after two years. Straub bought the property from bankruptcy court in 2016 for $82 million.

JPMorgan Chase & Co. provided financing for the deal.