April 10, 2019
For the fourth time since its construction in Atlantic City, the 47-story tower once known as the Revel will receive a new name.
The owners of the Ocean Resort Casino announced Wednesday on Twitter that they have tweaked the property's name to place a greater emphasis on its gambling amenities. From now on, it will be known as Ocean Casino Resort.
Time to unveil a tide of changes! 🌊 After rolling out a new marketing campaign, Ocean is making several improvements beginning with a shift in focus. We are a casino first. To reflect this, we are kicking it off with a new name—Ocean Resort Casino is now Ocean Casino Resort! pic.twitter.com/awPB6uM6tM— Ocean Casino • Resort (@TheOceanAC) April 10, 2019
The iconic Revel tower, completed in 2012 at a cost of $2.4 billion, closed its doors in 2014 as a spate local casinos went under and the city's finances crumbled. Florida developer Glenn Straub purchased the Revel out of bankruptcy for just $82 million in 2015, with plans to rebrand it as TEN in 2017.
Straub's vision never materialized, mainly due to a legal battle over casino licensing, and the property was sold to a group led by Colorado developer Bruce Deifik in the range of $229 million.
Deifik tragically died in a car accident last Sunday after attending a Colorado Rockies game in Denver. He was in the process of relinquishing ownership to Luxor Capital Group, which had helped finance the casino's reopening last June.
In its first several months, the casino struggled to gain traction and had been losing money, but began to show signs of improvement early this year. The owners hope reversing the property's name will attract more visitors to its gaming rooms and put the casino on a profitable path.